FXStreet (Moscow) - EUR/USD is lethargic early in Asia amid lack of market moving events. The pair returned to its opening level of 1.3421 after moving to Asian low of 1.3414

Short-term recovery is not a myth

EUR/USD longer-term sentiments are definitely bearish. But the nearest horizon might be not that cloudy as a dragonfly doji on weekly chart and a series of three higher daily lows on daily chart indicate that bearish momentum is waning and the pair might have some period of consolidation. At least until ECB announces its monetary policy decision later this week. Today’s European macroeconomic calendar is light. EZ PPI failed to catch investor’s eye on Monday, maybe today’s Service PMI will be more exciting, though it is not a market mover by nature. From the technical point of view, keep an eye at 1.3445 (Friday’s high) on the upside and 1.3400 on the downside

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3421, with support below at 1.3409, 1.3395 and 1.3383, with resistance above at 1.3435, 1.3476, and 1.3461. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.3445 and the daily 20EMA bearish at 1.3485. Hourly RSI is bullish at 51.

Related Articles
  1. Investing News

    China’s Forex Reserves Dropped Significantly

    China’s forex​ reserves dropped by a record $93.9 billion at the end of August to $3.56 trillion because the Central Bank has been selling dollars to provide a cushion to the falling yuan​
  2. Forex

    The Pros and Cons of a Fully Convertible Rupee

    Amid the rising economic power of India, the talks of making the Indian currency fully convertible are gaining momentum. We look at the pros and cons.
  3. Forex Fundamentals

    Chinese Yuan an Unlikely Reserve Currency

    As the world's second largest economy, China's challenge to America’s dominance includes a push to make the yuan (RMB), the world’s reserve currency. Whether it can do that now is unclear.
  4. Economics

    How Currency Enforcement Helped Sink The Trans-Pacific Partnership (TTP)

    One particular barrier to trade that has received much attention of late and caused delays in negotiations of the TPP is exchange-rate manipulation, by which a country artificially devalues its ...
  5. Forex

    Top U.S Forex News Sites

    Breaking news moves forex markets. Here are the top U.S. sites for tracking forex news.
  6. Investing

    Financial News Comparison: Bloomberg Vs. Reuters

    Access to financial information has grown with the expansion of digital news. Bloomberg and Thomson Reuters lead the pack, claiming a majority of the business information market.
  7. Economics

    Who Benefits From South Korea's Lowered Interest Rates?

    South Korea is the latest country to cut interest rates in an attempt to stimulate economic growth.
  8. Forex Education

    The Top Uses For P2P Currency Exchange

    Peer-to-peer (P2P) currency exchange networks offer a viable and cheaper alternative for buying and selling currencies.
  9. Forex

    Steps To Open An Offshore Forex Account

    Here is a simple breakdown of how to open an offshore forex account for US-based users, including legal requirements.
  10. Entrepreneurship

    Top Forex Trading Apps

    A brief overview of the top apps that help forex traders with on time information, charts and more.

You May Also Like

Trading Center