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19 May 2014
EUR/USD is trying to develop upside correction
FXStreet (Moscow) - EUR/USD is still lethargic right above the pivotal level of 1.3700, trying to develop upside correction; the pair desperately needs new catalysts
New catalysts for the euro
The euro stopped its slide triggered by recent comments of Draghi by the end of the last week, and it may be a good sign that the correction is coming. But the markets need some positive catalyst to start buying again. Monday is practically empty from the fundamental point of view. However, the rest of the week may be more interesting. May Flash PMI and German IFO reports may trigger some movements given the traders’ focus on the EMU data. The market is waiting for another evidence of fragile economic recovery, and if data surprise to the upside, thе pair may go for 1.3745 resistance.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3702, with support below at 1.3676, 1.3659 and 1.3633, with resistance above at 1.3719, 1.3745, and 1.3762. Hourly Moving Averages are mixed, with the 200SMA at 1.3784 and the daily 20EMA at 1.3790. Hourly RSI is bullish at 54.
New catalysts for the euro
The euro stopped its slide triggered by recent comments of Draghi by the end of the last week, and it may be a good sign that the correction is coming. But the markets need some positive catalyst to start buying again. Monday is practically empty from the fundamental point of view. However, the rest of the week may be more interesting. May Flash PMI and German IFO reports may trigger some movements given the traders’ focus on the EMU data. The market is waiting for another evidence of fragile economic recovery, and if data surprise to the upside, thе pair may go for 1.3745 resistance.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3702, with support below at 1.3676, 1.3659 and 1.3633, with resistance above at 1.3719, 1.3745, and 1.3762. Hourly Moving Averages are mixed, with the 200SMA at 1.3784 and the daily 20EMA at 1.3790. Hourly RSI is bullish at 54.