28 May 2014
EUR/USD slides lower on disappointing German data
FXStreet (Moscow) - EUR/USD opened the day at 1.3634, slid to 1.3617 low, and trades somewhere around at the moment.
Germany is the core
The just released German labor readings were worse than expected printing 24K rise of unemployed vs the decline by 15K expected. The pair came under mild pressure sliding to 1.3618 low on the release as the health of the largest European economy is the key to further ECB policy direction. Although the pair is still under pressure on dovish comments from Draghi and weak data, it managed to rebound back to 1.3630 area yesterday, confirming there is still buying interest out there to pick the single currency on the lows. The same may happen today as soon as the pair bumps into buyer’s interest. The scheduled for today data out of the EMU hardly may trigger any moves in the market, thus, the pair may be moving exclusively on technical factors.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3639, with support below at 1.3608, 1.3581 and 1.3550, with resistance above at 1.3666, 1.3697, and 1.3724. Hourly Moving Averages are mixed, with the 200SMA at 1.3675 and the daily 20EMA at 1.3725. Hourly RSI is bullish at 50.
Germany is the core
The just released German labor readings were worse than expected printing 24K rise of unemployed vs the decline by 15K expected. The pair came under mild pressure sliding to 1.3618 low on the release as the health of the largest European economy is the key to further ECB policy direction. Although the pair is still under pressure on dovish comments from Draghi and weak data, it managed to rebound back to 1.3630 area yesterday, confirming there is still buying interest out there to pick the single currency on the lows. The same may happen today as soon as the pair bumps into buyer’s interest. The scheduled for today data out of the EMU hardly may trigger any moves in the market, thus, the pair may be moving exclusively on technical factors.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3639, with support below at 1.3608, 1.3581 and 1.3550, with resistance above at 1.3666, 1.3697, and 1.3724. Hourly Moving Averages are mixed, with the 200SMA at 1.3675 and the daily 20EMA at 1.3725. Hourly RSI is bullish at 50.