EUR/USD struggles to stage an upside correction

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Moscow) - EUR/USD has rebounded from the pivotal level of 1.3546, but the upside momentum is too weak to get the pair well above 1.3560 resistance



Euro has the hope



Although the market is deeply absorbed by the speculations on the possible quantitative easing from the ECB, the Fed stance should not be overlooked as well. Although the regulator keeps tapering its asset purchase program according to the plan, it still shows great caution about the current economy slack, trying to hold back the expectations of a preliminary rate rise. Any new signs of weakness and remaining economic slack may remind the market of the still unstable positions of the USD, and this may give a hope to the euro.



What are today’s key EUR/USD levels?



Today's central pivot point can be found at 1.3546, with support below at 1.3518, 1.3484 and 1.3456, with resistance above at 1.3580, 1.3608, and 1.3642. Hourly Moving Averages are mostly bullish, with the 200SMA at 1.3593 and the daily 20EMA at 1.3631. Hourly RSI is bullish at 58.



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