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5 Mar 2014
EUR/USD crawls to the range bottom
FXStreet (Moscow) - Since there was no interesting developments in Asia, EUR/USD spent the time crawling back to 1.3730 support level.
ECB may do anything or nothing
The pair is still within the narrow 1.3720-1.3790 range moving on markets fears and expectations. As there are many optimists around waiting for the unchanged monetary policy stance, the euro is still on demand. Nevertheless, the released yesterday weaker than expected EMU PPI data confirmed the deflationary pressure developing within the region. It means that the chances of more stimulus measures to be introduced during the ECB meeting on Thursday are still there. The market will pay attention to every piece of information coming today, thus, service PMI numbers may be of interest. Positive results may trigger another wave of demand on the single currency with 1.3775 resistance level working as the initial target.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3747, with support below at 1.3712, 1.3684, and 1.3649, with resistance above at 1.3775, 1.3810, and 1.3838. Hourly Moving Averages are largely bearish, with the 200SMA at 1.3733 and the daily 20EMA bullish at 1.37. Hourly RSI is neutral at 44.
ECB may do anything or nothing
The pair is still within the narrow 1.3720-1.3790 range moving on markets fears and expectations. As there are many optimists around waiting for the unchanged monetary policy stance, the euro is still on demand. Nevertheless, the released yesterday weaker than expected EMU PPI data confirmed the deflationary pressure developing within the region. It means that the chances of more stimulus measures to be introduced during the ECB meeting on Thursday are still there. The market will pay attention to every piece of information coming today, thus, service PMI numbers may be of interest. Positive results may trigger another wave of demand on the single currency with 1.3775 resistance level working as the initial target.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3747, with support below at 1.3712, 1.3684, and 1.3649, with resistance above at 1.3775, 1.3810, and 1.3838. Hourly Moving Averages are largely bearish, with the 200SMA at 1.3733 and the daily 20EMA bullish at 1.37. Hourly RSI is neutral at 44.