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3 Jun 2014
EUR/USD got its food for thoughts – still around 1.36
FXStreet (Moscow) - EUR/USD spent European morning around 1.36 area, sliding to 1.3592 low before the CPI release; it moved to 1.3610 area right after the report was published.
CPI is out, ECB meeting is looming
Although the market awaited some disappointment from the EMU CPI, as German index came out below expectations, the pair still showed some reaction on the release. First, lower than expected Unemployment rate (11.7% vs 11.8% expected) supported the pair recovery to 1.3613, but weak CPI pressured the pair leaving it around 1.36 again. The Consumer Price Index was 0.5% vs 0.7% forecasted, proving the price pressure in the euro region is far below the ECB 2% target. Another evidence of weak inflation gives the monetary authorities the reason to be even more dovish during the coming meeting scheduled on Thursday.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3607, with support below at 1.3576, 1.3556 and 1.3525, with resistance above at 1.3627, 1.3658, and 1.3678. Hourly Moving Averages are mostly nearish, with the 200SMA at 1.3629 and the daily 20EMA bearish at 1.3686. Hourly RSI is bearish at 49.
CPI is out, ECB meeting is looming
Although the market awaited some disappointment from the EMU CPI, as German index came out below expectations, the pair still showed some reaction on the release. First, lower than expected Unemployment rate (11.7% vs 11.8% expected) supported the pair recovery to 1.3613, but weak CPI pressured the pair leaving it around 1.36 again. The Consumer Price Index was 0.5% vs 0.7% forecasted, proving the price pressure in the euro region is far below the ECB 2% target. Another evidence of weak inflation gives the monetary authorities the reason to be even more dovish during the coming meeting scheduled on Thursday.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3607, with support below at 1.3576, 1.3556 and 1.3525, with resistance above at 1.3627, 1.3658, and 1.3678. Hourly Moving Averages are mostly nearish, with the 200SMA at 1.3629 and the daily 20EMA bearish at 1.3686. Hourly RSI is bearish at 49.