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28 Mar 2014
EUR/USD knocked by weak data, sold to March lows
FXStreet (Moscow) - EUR/USD came under pressure on weake economic data selling to 1.3706 low by the moment.
Under impression
The series of worse than expected data starting from German import prices (-0.1% vs +0.3% expected), French consumer confidence (0.1% vs 1.0% expected), and Spanish CPI (-0.2% vs +0.1% exp vs +0.1% prev) broke the camel’s neck, and triggered the mass sell-off of the euro. The pair slid to the nearest support level at 1.3713, posting March low at 1.3706 by the moment. The looming German CPI data will be the key to determine the further move of the pair. If numbers disappoint, wait for another move lower with initial target at 1.3643.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3756, with support below at 1.3713, 1.3686 and 1.3643, with resistance above at 1.3783, 1.3826, and 1.3853. Hourly Moving Averages are largely bearish, with the 200SMA at 1.3824 and the daily 20EMA bearish at 1.3806. Hourly RSI is neutral at 41.
Under impression
The series of worse than expected data starting from German import prices (-0.1% vs +0.3% expected), French consumer confidence (0.1% vs 1.0% expected), and Spanish CPI (-0.2% vs +0.1% exp vs +0.1% prev) broke the camel’s neck, and triggered the mass sell-off of the euro. The pair slid to the nearest support level at 1.3713, posting March low at 1.3706 by the moment. The looming German CPI data will be the key to determine the further move of the pair. If numbers disappoint, wait for another move lower with initial target at 1.3643.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3756, with support below at 1.3713, 1.3686 and 1.3643, with resistance above at 1.3783, 1.3826, and 1.3853. Hourly Moving Averages are largely bearish, with the 200SMA at 1.3824 and the daily 20EMA bearish at 1.3806. Hourly RSI is neutral at 41.