EUR/USD is testing waters below 1.3380 support on weak PMI

By FXstreet.com | August 01, 2014 AAA

FXStreet (Moscow) - EUR/USD is trying to break below on the back of worse than expected German PMI; bears a flexing muscles as NFP time is nearing.

EUR/USD bears are playing with fire

EUR/USD has continued to slide during European hours as investors are getting ready for Non- Farm Payrolls report and believe it will live up to their expectations. USD is in demand across the board, which plays agains EUR/USD. PMI data from the biggest EZ countries came out mixed, but German and EZ numbers turned out to be worse than expected, which put EUR/USD under additional pressure. The pair is trying to creep below 1.3380 support, but strong buying interest spotted there might put a wet blanket on EUR bears for a while. A sustained move lower might accelerate the downside to 1.3366 (July 30 low) followed by strong demand area at 1.3360.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3387, with support below at 1.3374, 1.3357 and 1.3344, with resistance above at 1.3404, 1.3417, and 1.3434. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.3441 and the daily 20EMA bearish at 1.3498. Hourly RSI is bearish at 46.

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