16 Jun 2014
EUR/USD jumps away from morning lows around 1.3530
FXStreet (Moscow) - EUR/USD opened the day at 1.3541, slid to 1.3530 low, but turned around and posted 1.3547 high by the moment.
Is the sell-off overdone?
Despite the countless attacks on 1.3530/20 area of support, the single currency is still not ready to give up the last frontier. The ECB has done a lot, and hinted even more, but the current sell-off may be coming to an end given the overdone nature of the move – the number of net long positions showed 4 weeks of downward move, and has already reached more the one-year low. The scheduled for release today May CPI data may be of interest today given the close attention the monetary authority are paying to inflation readings.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3547, with support below at 1.3513, 1.3487 and 1.3453, with resistance above at 1.3573, 1.3607, and 1.3633. Hourly Moving Averages are largely bearish, with the 200SMA at 1.3585 and the daily 20EMA bearish at 1.3622. Hourly RSI is bearish at 49.
Is the sell-off overdone?
Despite the countless attacks on 1.3530/20 area of support, the single currency is still not ready to give up the last frontier. The ECB has done a lot, and hinted even more, but the current sell-off may be coming to an end given the overdone nature of the move – the number of net long positions showed 4 weeks of downward move, and has already reached more the one-year low. The scheduled for release today May CPI data may be of interest today given the close attention the monetary authority are paying to inflation readings.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3547, with support below at 1.3513, 1.3487 and 1.3453, with resistance above at 1.3573, 1.3607, and 1.3633. Hourly Moving Averages are largely bearish, with the 200SMA at 1.3585 and the daily 20EMA bearish at 1.3622. Hourly RSI is bearish at 49.