EUR/USD is scared to be too high before Draghi

By FXstreet.com | Updated August 07, 2014 AAA

FXStreet (Moscow) - EUR/USD is still retreating from 1.3391 session high sliding to 1.3364 low by the moment; it trades at 1.3374 now.

Every day I’m shuffling

The pair continues to shuffle lower, as there are no significant catalysts at the moment. The recent French data confirmed the rise of trade deficit, and only added dark paint to overall gloom. The looming ECB meeting may become another catalyst to push it to Wednesday’s low again. Pay special attention to Draghi’s press conference, as the recent economic developments say a lot about the evolving weakness in German industrial sector. Hardly will the chairman be able to skip this process and sound optimistic. Any hints on negative economic outlook may trigger a new wave of sell-off in the pair with initial target at 1.3347.
What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3368, with support below at 1.3347, 1.3312 and 1.3291, with resistance above at 1.3403, 1.3424, and 1.3459. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.3404 and the daily 20EMA bearish at 1.3466. Hourly RSI is bullish at 58.

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