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20 Mar 2014
EUR/USD is on the recovery path - 1.3860 is looming
FXStreet (Moscow) - EUR/USD started the day at 1.3827, and though showed some initial attempts to move lower in early Asia, resumed the rise close to European open; it trades around 1.3840 area.
Draghi may do it again
The pair may show some correction, though probably in quite narrow range – it reached 1.3843 high by the moment of writing, and may move further to central pivot point at 1.3859. As the pair gets bored on barren EMU economic calendar, it looks like nothing can make the euro show sharp moves. Nevertheless, there is one event scheduled for today that may trigger some interesting market reaction. Draghi’s speech in Brussels may bring some attention, as the recent comments of the ECB chairman made the single currency lose about 100 pips during a couple of hours. If he points to the dangerous appreciation of the national currency again, wait for the move lower with initial target at 1.3783 support level.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3859, with support below at 1.3783, 1.3733 and 1.3657, with resistance above at 1.3909, 1.3985, and 1.4035. Hourly Moving Averages are bearish, with the 200SMA at 1.3891 and the daily 20EMA flat at 1.3819. Hourly RSI is neutral at 36.
Draghi may do it again
The pair may show some correction, though probably in quite narrow range – it reached 1.3843 high by the moment of writing, and may move further to central pivot point at 1.3859. As the pair gets bored on barren EMU economic calendar, it looks like nothing can make the euro show sharp moves. Nevertheless, there is one event scheduled for today that may trigger some interesting market reaction. Draghi’s speech in Brussels may bring some attention, as the recent comments of the ECB chairman made the single currency lose about 100 pips during a couple of hours. If he points to the dangerous appreciation of the national currency again, wait for the move lower with initial target at 1.3783 support level.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3859, with support below at 1.3783, 1.3733 and 1.3657, with resistance above at 1.3909, 1.3985, and 1.4035. Hourly Moving Averages are bearish, with the 200SMA at 1.3891 and the daily 20EMA flat at 1.3819. Hourly RSI is neutral at 36.