EUR/USD is working on 1.3650 resistance

By FXstreet.com | July 09, 2014 AAA

FXStreet (Moscow) - EUR/USD opened the day at 1.3639, and edged higher testing 1.3650 at the moment.

What will make the euro cry?
Resilience of the currency is not surprising, as there are no significant enough catalysts for now to send the euro crying below 1.35 area. The ECB has done more than enough with its TLTRO, and negative deposit rates, and will most probably prefer to wait until the first results come out – it could be no earlier than in Autumn. The Fed is also too neutral to support the USD demand. The economic data is ranging from slightly positive to slightly negative. So, the euro follows the move, staying within narrow ranges, and the retreat from current levels after failed breakout is not ruled out. In this case initial target may be at 1.3630.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3631, with support below at 1.3612, 1.3583 and 1.3564, with resistance above at 1.3660, 1.3679, and 1.3708. Hourly Moving Averages are bullish, with the 200SMA at 1.3635 and the daily 20EMA flat at 1.3624. Hourly RSI is bullish at 63.

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