EUR/USD is trying to get above 1.34 on strong German data

By FXstreet.com | July 31, 2014 AAA

FXStreet (Moscow) - EUR/USD was trading at 1.3390 before the German data released labor report; it’s trading at 1.3396 now.



Focus on Germany



The euro made several attempts to go lower at the European open, however, lack of economic events complicated the task. The just released German labor report showed unchanged unemployment rate at 6.7%, and better than expected Unemployment change at -12K vs -5K expected. It helped the pair rebound a bit to 1.34 area, as the market took it as the confirmation of strong stance of German economy. However, the break above 1.34 will be not an easy thing to do.



What are today’s key EUR/USD levels?



Today's central pivot point can be found at 1.3393, with support below at 1.3371, 1.3344 and 1.3322, with resistance above at 1.3420, 1.3442, and 1.3469. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.3457 and the daily 20EMA bearish at 1.3509. Hourly RSI is bullish at 50.



comments powered by Disqus
Related Forex Analysis
  1. Weekly Trading Forecast: FX Traders Prepare for Heavy Volatility on FOMC, GDP and ...
    Forex News

    Weekly Trading Forecast: FX Traders Prepare for Heavy Volatility on FOMC, GDP and ...

  2. Trading Video: EURUSD Traders Buckle Up for FOMC, ECB Stress Tests, Risk Trends
    Forex News

    Trading Video: EURUSD Traders Buckle Up for FOMC, ECB Stress Tests, Risk Trends

  3. US Session recap: USD consolidation ahead of FOMC
    Forex News

    US Session recap: USD consolidation ahead of FOMC

  4. A market in a technical snap-shot - RBS
    Forex News

    A market in a technical snap-shot - RBS

  5. EZ gave mixed data at key timings - BBH
    Forex News

    EZ gave mixed data at key timings - BBH

Trading Center