EUR/USD may follow Germany deep sea, baby

By FXstreet.com | Updated July 29, 2014 AAA

FXStreet (Moscow) - EUR/USD opened the day at 1.3438 and slid to 1.3428 by the moment.



I, I follow



The euro is still under pressure, but not ready to break below the current lows. The geopolitical tensions are on the agenda, and although it looks like the market ignores this factor, conflict escalation between the West and Russia may be one of the reasons of current pair weakness. Yesterday we got to know that Merkel is ready to sign the new package of sanctions against Kremlin even if it damages the German economy. If the policy is priority, then there may be more weakness ahead. DAX is already reacting, and the euro may follow.



What are today’s key EUR/USD levels?



Today's central pivot point can be found at 1.3437, with support below at 1.3429, 1.3418 and 1.3410, with resistance above at 1.3448, 1.3456, and 1.3467. Hourly Moving Averages are bearish, with the 200SMA at 1.3485 and the daily 20EMA bearish at 1.3533. Hourly RSI is bearish at 39.



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