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12 Aug 2014
Bad premonitions keep EUR/USD under pressure
FXStreet (Moscow) - EUR/USD touched the Asian low at 1.3366 as the single currency is under pressure across the board in anticipation of weaker ZEW numbers
Business in grieve?
EUR/USD was not much of a mover on Monday, but the failure to stay above 1.34 handle might be regarded as an interesting development as it confirms the inherent long-term weakness of the single currency. From the fundamental point of view, today we are looking for ZEW indicators to be published later during European hours. Economists are rather pessimistic in their forecasts as ongoing West-Russia-Ukraine confrontation takes its toll on European business. As some decrease of numbers is already priced in by the market, we might see a short-lived relief buying if the data comes in line or better than expected. On the other hand, weaker ZEW will mean that European business sees its glass half empty (to put it mildly). In this case EUR/USD may tumble to the initial support of 1.3330 followed by 1.3300, while the intraday upside is likely to be limited by 1.3400
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3392, with support below at 1.3372, 1.3359 and 1.3339, with resistance above at 1.3405, 1.3425, and 1.3438. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.3390 and the daily 20EMA bearish at 1.3445. Hourly RSI is bearish at 34.
Business in grieve?
EUR/USD was not much of a mover on Monday, but the failure to stay above 1.34 handle might be regarded as an interesting development as it confirms the inherent long-term weakness of the single currency. From the fundamental point of view, today we are looking for ZEW indicators to be published later during European hours. Economists are rather pessimistic in their forecasts as ongoing West-Russia-Ukraine confrontation takes its toll on European business. As some decrease of numbers is already priced in by the market, we might see a short-lived relief buying if the data comes in line or better than expected. On the other hand, weaker ZEW will mean that European business sees its glass half empty (to put it mildly). In this case EUR/USD may tumble to the initial support of 1.3330 followed by 1.3300, while the intraday upside is likely to be limited by 1.3400
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3392, with support below at 1.3372, 1.3359 and 1.3339, with resistance above at 1.3405, 1.3425, and 1.3438. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.3390 and the daily 20EMA bearish at 1.3445. Hourly RSI is bearish at 34.