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7 Jan 2014
EUR/USD is drifting lower from the open
FXstreet.com (Moscow) - EUR/USD started the Asia with light selling slipping down from 1.3627 at the start to 1.3620 at the moment.
Are German consumers ready to spend?
Despite yesterday’s mixed data from EMU countries we noticed a very important and very dangerous signal – Germany showed significantly weaker than expected Services PMI (53.5 vs. 54.0). Of course, one month doesn’t make a trend, but it’s important to keep an eye on developments within the largest economy of Europe. If today’s Retail and Labor data prove to be as positive as expected, it may fuel the EUR/USD rally to the nearest support level at 1.3587.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3620, with support below at 1.3587 (S1), 1.3537 (S2) and 1.35043 (S3), with resistance above at 1.3670 (R1), 1.3703 (R2), and 1.3753 (R3). Hourly Moving Averages are largely bearish, with the 200SMA at 1.3710 and the daily 20EMA bearish at 1.3684. Hourly RSI is neutral at 48.
Are German consumers ready to spend?
Despite yesterday’s mixed data from EMU countries we noticed a very important and very dangerous signal – Germany showed significantly weaker than expected Services PMI (53.5 vs. 54.0). Of course, one month doesn’t make a trend, but it’s important to keep an eye on developments within the largest economy of Europe. If today’s Retail and Labor data prove to be as positive as expected, it may fuel the EUR/USD rally to the nearest support level at 1.3587.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3620, with support below at 1.3587 (S1), 1.3537 (S2) and 1.35043 (S3), with resistance above at 1.3670 (R1), 1.3703 (R2), and 1.3753 (R3). Hourly Moving Averages are largely bearish, with the 200SMA at 1.3710 and the daily 20EMA bearish at 1.3684. Hourly RSI is neutral at 48.