EUR/USD weakens getting prepared for the ECB

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Moscow) - EUR/USD opened the day at 1.3658, and slid to 1.3644 low, though rebounding back to 1.3650 area at the moment.



The market has fear



The pair finally found some fear yesterday before the highly expected ECB meeting. From the beginning of the week it looked like there was nobody who expects any dovish comments from Draghi and Co. Wednesday showed there were some, and probably today we will get another reason to sell the single currency. The chances of additional stimulus are very low, however, the comments from the chairman may be very clear. The clearer is the message of more fighting with strong euro the lower is the pair. The initial target in this case may be at 1.3599.
What are today’s key EUR/USD levels?



Today's central pivot point can be found at 1.3661, with support below at 1.3640, 1.3620 and 1.3599, with resistance above at 1.3681, 1.3702, and 1.3722. Hourly Moving Averages are mostly bearish, with the 200SMA at 1.3634 and the daily 20EMA at 1.3630. Hourly RSI is bearish at 34.



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