EUR/USD pressing lower on the pivot

By FXstreet.com | July 24, 2014 AAA

FXStreet (Guatemala) - EUR/USD is trading at 1.3466, up 0.02% on the day, having posted a daily high at 1.3486 and low at 1.3438.

EUR/USD has fallen back on to the pivot after a run up in Europe. Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman explained that the Euro zone flash July PMIs came in better than expected, helping the euro to regain some ground after earlier making a new cycle low… “The 54.0 composite reading for the euro zone matches the cycle high from April, but we doubt any policymakers there are breaking out the champagne. Headwinds remain strong. Elsewhere, Italy reported a weaker than expected 0.7% m/m drop in retail sales for June. While the downside pressure on the euro zone has not been particularly strong, we think that the trend is intact and would look to sell the euro at better levels."

EUR/USD Levels

With spot trading at 1.3466, we can see next resistance ahead at 1.3467 (Hourly 20 EMA), 1.3475 (Daily Classic R1), 1.3475 (Yesterday's High), 1.3485 (Daily Classic R2) and 1.3486 (Daily High). Support below can be found at 1.3464 (Daily Classic PP), (Monthly Low), (Weekly Low) and 1.3464 (YTD Low).

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