EUR/USD love to go above 1.3300, but bears say no

By FXstreet.com | Updated August 22, 2014 AAA

FXStreet (Moscow) - EUR/USD has recovered from Asian low of 1.3272 towards current level of 1.3297; the bullish momentum is gaining traction early in Europe.

Some respite at last?

Weekly chart of EUR/USD is depressing as the pair lost more than 100 pips and set new yearly low at 1.3242 on the back of board USD rally. Flash PMIs in Eurozone came out weaker than expected, while preliminary sentiments indicator nose dived to -10.0 in August, but EUR/USD managed to recover from early losses and finished Thursday in the green zone. This means that the short-term bearish momentum is waning and the pair is ready for the upside correction. The nearest important resistance is seen at 1.3300. There is an option barrier there, and it is a serious hurdle that may stop EUR bulls in their tracks. The closest support is seen at 1.3270 and followed by recent low of 1.3242.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3271, with support below at 1.3252, 1.3224, and 1.3205, with resistance above at 1.3299, 1.3318 and 1.3346. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.3342 and the daily 20EMA bearish at 1.3383. Hourly RSI is bullish at 64.

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