EUR/USD paralyzed with fear ahead of GDP numbers

By FXstreet.com | Updated August 14, 2014 AAA

FXStreet (Moscow) - EUR/USD is sitting in a 10-pips rage, waiting nervously for inflation and GDP numbers; currently, the pair is trading at 1.3363 marginally higher from its opening level of 1.3361

EZ GDP is in the limelight

So, EUR/USD has stuck in a narrowing range as 1.3350 proves to be a strong support, while bulls find 1.3400 resistance unbreakable. Poor retail sales data from the USA triggered some USD selling across the board, but EUR could poke their heads above 1.3400 for a fraction of a second, only to stick it back and settle around 1.3360. While investors are definitely bearish towards the single currency, there is s sense that EUR/USD is somewhat oversold, which prevents them from pushing it lower more aggressively. We need to see either more pronounced profit-taking (probably towards 1.3476 resistance) or a strong bearish trigger (probably weak CPI and GDP data) for EUR/USD to resume the downside and crash below 1.3330.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3364, with support below at 1.3333, 1.3300 and 1.3259, with resistance above at 1.3407, 1.3448, and 1.3481. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.3383 and the daily 20EMA bearish at 1.3431. Hourly RSI is bearish at 46

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