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31 Mar 2014
EUR/USD is reserved before CPI data
FXStreet (Moscow) - EUR/USD started the day at 1.3761, and moved within quite broad for Asia range of 22 pips; it now trades around 1.3750.
EMU CPI. The last test.
Although we got new comments from Weidmann in the morning coupled with new German finance ministry expects ECB rates to rise, it didn’t help the euro to resume the rise trading close to open levels. The pair will get the last test before the ECB meeting today. The EMU CPI data may give a hint at what stage the economy is now, and if it’s in need of additional stimulus in order to support price stability. After disappointments from German and Spanish numbers, the chances to see lower than expected index are high, thus, the sell-off of the pair upon the release is not ruled out with initial target at 1.3713 support level.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3743, with support below at 1.3713, 1.3674 and 1.3644, with resistance above at 1.3782, 1.3812, and 1.3851. Hourly Moving Averages are bearish, with the 200SMA at 1.3807 and the daily 20EMA bearish at 1.3801. Hourly RSI is neutral at 47.
EMU CPI. The last test.
Although we got new comments from Weidmann in the morning coupled with new German finance ministry expects ECB rates to rise, it didn’t help the euro to resume the rise trading close to open levels. The pair will get the last test before the ECB meeting today. The EMU CPI data may give a hint at what stage the economy is now, and if it’s in need of additional stimulus in order to support price stability. After disappointments from German and Spanish numbers, the chances to see lower than expected index are high, thus, the sell-off of the pair upon the release is not ruled out with initial target at 1.3713 support level.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3743, with support below at 1.3713, 1.3674 and 1.3644, with resistance above at 1.3782, 1.3812, and 1.3851. Hourly Moving Averages are bearish, with the 200SMA at 1.3807 and the daily 20EMA bearish at 1.3801. Hourly RSI is neutral at 47.