EUR/USD is on the move to weekly high

By FXstreet.com | July 08, 2014 AAA

FXStreet (Moscow) - EUR/USD opened the day at 1.3611, rose to 1.3630 session high, and is still on the move up.

Not like Brazil

ECB's Coene just said the euro wasn't too strong, and this was the catalyst to push the single currency higher, but how far? Absence of economic data has no significance for the pair, as it stays in the narrow range even when there are weak German readings, and broad sell-off of the USD. It looks like the pair chooses stability against volatility, and judging by the yesterday’s Brazil game stability is better. The only factor that may take the euro out of recent cage is FOMC minutes scheduled for release tonight. But we need to see really aggressive stance for the pair to move below 1.36 and slide to 1.3574 support.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3606, with support below at 1.3594, 1.3574 and 1.3562, with resistance above at 1.3626, 1.3638, and 1.3658. Hourly Moving Averages are largely bullish, with the 200SMA at 1.3633 and the daily 20EMA bearish at 1.3622. Hourly RSI is bullish at 62.

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