EUR/USD is nervous before the EMU PMI releases

By FXstreet.com | Updated August 05, 2014 AAA

FXStreet (Moscow) - EUR/USD opened the day at 1.3421, edged higher to 1.3424, but turned around reaching 1.3416 at the moment.



Bad service of PMI



As Banco Espirito is rescued, and there is nothing to worry about except for the economic events, the pair settled around 1.3420 area waiting for new catalysts of the week. The series of Service PMI reports are scheduled for release today, and though the data is usually skipped by the market, this time it may be different, especially if the readings do not meet the forecasts. Another confirmation of weakening economy may put the pair under pressure and send it to 1.3395 support area.



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.



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