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20 Feb 2014
EUR/USD - the chances to reach 1.38 are high
FXStreet (Moscow) - EUR/USD is on the rise retracing from the early morning lows around 1.3730 area; it trades at 1.3760 at the moment.
PMI’s are important for the ECB
The pair has good potential to go higher - EUR/USD reached the peak point of the week from economic point of view, as PMI numbers from the EMU in current circumstances are of highest importance. The market even ignored weaker than expected ZEW report released this Tuesday, hoping that stronger activity in manufacturing and service sectors will support the case for further neutral stance from the ECB. The longer the regulator delays the additional easing, the better is for the euro. Positive numbers may fuel the rally with initial target at 1.3794 resistance level.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3743, with support below at 1.3712, 1.3692 and 1.3661, with resistance above at 1.3763, 1.3794, and 1.3814. Hourly Moving Averages are bullish, with the 200SMA at 1.3680 and the daily 20EMA bullish at 1.3650. Hourly RSI is neutral at 57.
PMI’s are important for the ECB
The pair has good potential to go higher - EUR/USD reached the peak point of the week from economic point of view, as PMI numbers from the EMU in current circumstances are of highest importance. The market even ignored weaker than expected ZEW report released this Tuesday, hoping that stronger activity in manufacturing and service sectors will support the case for further neutral stance from the ECB. The longer the regulator delays the additional easing, the better is for the euro. Positive numbers may fuel the rally with initial target at 1.3794 resistance level.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3743, with support below at 1.3712, 1.3692 and 1.3661, with resistance above at 1.3763, 1.3794, and 1.3814. Hourly Moving Averages are bullish, with the 200SMA at 1.3680 and the daily 20EMA bullish at 1.3650. Hourly RSI is neutral at 57.