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6 Aug 2014

EUR/USD bears paused before a new assault

FXStreet (Moscow) - EUR/USD is sitting close to the weekly lows around 1.3360, showing some attempts to break below 1.3350 before, but the trading activity is nonexistent so far.

Wounded EUR bulls are mourning

EUR/USD bullish correction above 1.3400 level was short-lived, as the pair resumed the downside on Tuesday on the back of broad based USD strength. Bears chased EUR lower the whole day on anticipation of better than expected US macro data, and paused only 1.3358. Today’s calendar contains only second tier European data, so the market would be driven mostly by technical factors. Now that EUR/USD moved below previous week’s low at 1.3367, the downside may be extended towards the initial target of 1.3342/37 and then to the area of medium demand at 1.3320 where bulls might attempt another correction.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3386, with support below at 1.3347, 1.3317 and 1.3278, with resistance above at 1.3414, 1.3455, and 1.3485. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.3416 and the daily 20EMA bearish at 1.3474. Hourly RSI is bearish at 35.
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