EUR/USD is not ready to leave 1.34 area

By FXstreet.com | July 27, 2014 AAA

FXStreet (Moscow) - EUR/USD opened the day at 1.3429, and was treading water somewhere around during the morning, showing some attempts to go higher at the moment.

Watch out German exhaustion

Today’s economic calendar is practically empty; thus, the investors may use this pause in reports to position before the busy week ahead. We know from the previous week that the market is very cautious about the series of data indicating the euro zone weakness. The most alarming is the fact that Germany is starting to show the signs of exhaustion. Geopolitical tensions and still strong euro could have made a dent in export oriented economy which is playing the role of the EMU engine. If the reports of this week confirm such fears, it may pressure the pair again with initial target at 1.3408 support level.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3442, with support below at 1.3408, 1.3386 and 1.3352, with resistance above at 1.3464, 1.3498, and 1.3520. Hourly Moving Averages are bearish, with the 200SMA at 1.3499 and the daily 20EMA bearish at 1.3542. Hourly RSI is bearish at 35.

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