EUR/USD is prepared for the second round

By FXstreet.com | July 24, 2014 AAA

FXStreet (Moscow) - EUR/USD opened the day at 1.3462, and moved higher to 1.3473 by the moment.



Slim chances



The investors were happy to see better than expected German PMI numbers yesterday, and it helped the euro to recover part of the losses. Today will be the second round for the pair on the way higher. The scheduled for release German IFO data may give the pair additional support if comes out above expectations. However, the chances for that are not that high, given the recent disappointments from industrial and ZEW data. If the data exceeds expectations the next target may come at 1.3487.



What are today’s key EUR/USD levels?



Today's central pivot point can be found at 1.3462, with support below at 1.3439, 1.3414 and 1.3391, with resistance above at 1.3487, 1.3510, and 1.3535. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.3535 and the daily 20EMA bearish at 1.3554. Hourly RSI is bearish at 54.



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