Back
FXStreet (Moscow) - European investors rescued EUR/USD from its deadly range as the pair dipped below the pivotal level of 1.3700 and tested the current low at 1.3694, though the movement may prove to be unsustainable as 1.3700/10 area is rumored to contain strikes for decent sized options
Catalyst-free day for EUR/USD
The market is in two minds weather the ECB rate cut is fully priced in, or there is some scope for selling. It looks like most investors chose the first scenario, and this helped the pair rebound during the Monday trades despite the still dovish comments from the ECB’s Weidmann. Nevertheless, we still may see new waves of the euro unpopularity should we see any new negative developments of fundamental nature. Tuesday and Wednesday will become another catalyst-free days of the week, but Thursday will bring some food for thoughts. Any new evidence of fragile economic recovery may send the pair back to 1.3680 support.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3712, with support below at 1.3689, 1.3669 and 1.3646, with resistance above at 1.3733, 1.3755, and 1.3775. Hourly Moving Averages are neutral, with the 200SMA at 1.3762 and the daily 20EMA at 1.3782. Hourly RSI is bearish at 49.
20 May 2014
Brave EUR/USD bears test waters below 1.3700
FXStreet (Moscow) - European investors rescued EUR/USD from its deadly range as the pair dipped below the pivotal level of 1.3700 and tested the current low at 1.3694, though the movement may prove to be unsustainable as 1.3700/10 area is rumored to contain strikes for decent sized options
Catalyst-free day for EUR/USD
The market is in two minds weather the ECB rate cut is fully priced in, or there is some scope for selling. It looks like most investors chose the first scenario, and this helped the pair rebound during the Monday trades despite the still dovish comments from the ECB’s Weidmann. Nevertheless, we still may see new waves of the euro unpopularity should we see any new negative developments of fundamental nature. Tuesday and Wednesday will become another catalyst-free days of the week, but Thursday will bring some food for thoughts. Any new evidence of fragile economic recovery may send the pair back to 1.3680 support.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3712, with support below at 1.3689, 1.3669 and 1.3646, with resistance above at 1.3733, 1.3755, and 1.3775. Hourly Moving Averages are neutral, with the 200SMA at 1.3762 and the daily 20EMA at 1.3782. Hourly RSI is bearish at 49.