EUR/USD is now on the other side of 1.34

By FXstreet.com | Updated July 31, 2014 AAA

FXStreet (Moscow) - EUR/USD opened at 1.3396 and moved up and down within extremely narrow range, sliding to 1.3388 at the moment.



Focus on Germany



The euro finally broke below 1.34 area on stronger than expected US GDP data, but is still trading somewhere around. It was not an easy way down as the released data didn’t give any opportunity for a breakout. The yesterday’s German CPI came out above expectations on monthly basis, and US ADP data, on the contrary, disappointed. Now, the focus is on German labor market – rising unemployment may be strong enough catalyst to trigger new moves, however, it must be really weaker than expected to see lower lows.



What are today’s key EUR/USD levels?



Today's central pivot point can be found at 1.3393, with support below at 1.3371, 1.3344 and 1.3322, with resistance above at 1.3420, 1.3442, and 1.3469. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.3457 and the daily 20EMA bearish at 1.3509. Hourly RSI is bullish at 50.



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