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27 May 2014
EUR/USD is trying to stage an upside correction
FXStreet (Moscow) - EUR/USD climbed to new high at 1.3668, but failed to settle above the local resistance of 1.3660; the pair retraced to current levels of 1.3654
Happy short covering!
EUR/USD traders were bored to death on Monday, but the bulls managed to push the pair to new local highs at 1.3655. The single currency finished the first trading day of the week below the resistance of 1.3650, but resumed the upside early in Asia and broke above 1.3650, but failed to go through the offers on approach to 1.3660. European calendar is still next to empty. There is nothing of interest except Draghi’s speech, though the head of ECB is unlikely to say something that is not priced in by the markets yet. It means that traders may be tempted to take profit on their short EUR/USD positions, which may take the pair to the next resistance of 1.3588. The downside is likely to be limited by 1.3640
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3638, with support below at 1.3622, 1.3597 and 1.3581, with resistance above at 1.3663, 1.3679, and 1.3704. Hourly Moving Averages are mostly bullish, with the 200SMA at 1.3683 and the daily 20EMA at 1.3734. Hourly RSI is bullish at 70.
Happy short covering!
EUR/USD traders were bored to death on Monday, but the bulls managed to push the pair to new local highs at 1.3655. The single currency finished the first trading day of the week below the resistance of 1.3650, but resumed the upside early in Asia and broke above 1.3650, but failed to go through the offers on approach to 1.3660. European calendar is still next to empty. There is nothing of interest except Draghi’s speech, though the head of ECB is unlikely to say something that is not priced in by the markets yet. It means that traders may be tempted to take profit on their short EUR/USD positions, which may take the pair to the next resistance of 1.3588. The downside is likely to be limited by 1.3640
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3638, with support below at 1.3622, 1.3597 and 1.3581, with resistance above at 1.3663, 1.3679, and 1.3704. Hourly Moving Averages are mostly bullish, with the 200SMA at 1.3683 and the daily 20EMA at 1.3734. Hourly RSI is bullish at 70.