EUR/USD slightly pressured by German GDP on negative territory

By FXstreet.com | Updated August 14, 2014 AAA

FXStreet (Moscow) - EUR/USD traded around 1.3360 before the German GDP data was released, and slid to 1.3348 low right after.

Tit for tat

The pair took the final test in form of German GDP data showing -0.2% q/q, 0.8% y/y vs 0.8% q/q, 2.5% y/y in the previous quarter. It confirmed that the largest economy in Europe is on the way of slowing, and another negative quarter in a row will send it to technical recession. The news pressured the pair sending it to 1.3348 low. Despite the fact that CFTC data shows the euro short positions are at 2-year high, the single currency is still vulnerable for more losses, as the economic data keeps showing the signs of weakness of the European economy. The scheduled for today European Commission meeting in Brussels to plan a coordinated strategy against Russian ban for products may have some impact on the single currency aswell. The new round of ‘tit for tat’ sanctions may put the pair under additional pressure.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3374, 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 at 1.3382 and the daily 20EMA bearish at 1.3431. Hourly RSI is bearish at 39.

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