EUR/USD rally held up 1.3446

By FXstreet.com | Updated August 01, 2014 AAA

FXStreet (Guatemala) - EUR/USD is trading at 1.3430, up 0.30% on the day, having posted a daily high at 1.3446 and low at 1.3379.

EUR/USD’s rally has been held up. After that employment data from the US that disappointed, we then got a very robust ISM manufacturing index. It rose to 57.1 in July from 55.3 in June, which gives us the index at its highest level since April 2011. James Knightley, analyst at ING explained, “This backs up our positive assessment on the US economy and our view that the labour market will continue to strengthen, inflation pressures will build, the dollar will rally a lot further and the Fed will tighten earlier than the market currently anticipates”.

Meanwhile, daily RSI sits at 23.97, in neutral territory. Looking to momentum indicators, the hourly 200 SMA is currently at 1.3391, down from the last close at 1.3434 and declining. Over the past 20 days, the exponential average closing price is 1.3498, and trending lower.

EUR/USD hourly levels

With spot trading at 1.3429, we can see next resistance ahead at 1.3434 (Hourly 200 SMA), 1.3446 (Daily High) and 1.3467 (Weekly Classic PP). Support below can be found at 1.3417 (Daily Classic R2), 1.3407 (Hourly 100 SMA) and 1.3395 (Hourly 20 EMA).

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