EUR/USD may break below 1.34 on data

By FXstreet.com | July 29, 2014 AAA

FXStreet (Moscow) - EUR/USD opened the day at 1.3408 and slid to 1.3402 showing the attempts to break below at the moment.



How strong is the neck of German camel?



The euro is on the brink of breaking the 8.5-month low, and going below 1.34 area. It’s not going to be an easy task, but the euro zone reports may give all the reasons for the euro to fall. The consumer confidence data from the EMU and German CPI are in focus today, and if the readings are below expectations, it may become the last straw after yesterday’s EU sanctions already tried to break the German camel’s neck. The initial target to the downside may lie at 1.3377 support.



What are today’s key EUR/USD levels?



Today's central pivot point can be found at 1.3419, with support below at 1.3393, 1.3377 and 1.3351, with resistance above at 1.3435, 1.3461, and 1.3477. Hourly Moving Averages are bearish, with the 200SMA at 1.3472 and the daily 20EMA bearish at 1.3521. Hourly RSI is bearish at 34.



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