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12 Mar 2014
EUR/USD will breakout for sure, needs to choose the direction
FXStreet (Moscow) - EUR/USD opened the day at 1.3870 and since that time only managed to post session low at 1.3850, trading not far from it at the moment.
Euro will recover as phoenix did
The narrower the range, the sharper the break out, we just need to wait. From fundamental perspective, the yesterday’s German Trade Balance disappointed the market, but not that much, as the export numbers still keep growing at good pace, and the recent ECB meeting painted the better than expected growth picture. Although the geopolitical tensions will leave the euro under mild pressure, we still may see the euro recovery every time it reaches the current range bottom at 1.3830. The released today euro zone industrial production may give some fuel to move higher in case of positive numbers. The initial target to the upside is at 1.3882 resistance level followed by 1.3904.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3858, with support below at 1.3836, 1.3812 and 1.3790, with resistance above at 1.3882, 1.3904, and 1.3928. Hourly Moving Averages are mixed, with the 200SMA bullish at 1.3796 and the daily 20EMA bullish at 1.3757. Hourly RSI is neutral at 45.
Euro will recover as phoenix did
The narrower the range, the sharper the break out, we just need to wait. From fundamental perspective, the yesterday’s German Trade Balance disappointed the market, but not that much, as the export numbers still keep growing at good pace, and the recent ECB meeting painted the better than expected growth picture. Although the geopolitical tensions will leave the euro under mild pressure, we still may see the euro recovery every time it reaches the current range bottom at 1.3830. The released today euro zone industrial production may give some fuel to move higher in case of positive numbers. The initial target to the upside is at 1.3882 resistance level followed by 1.3904.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3858, with support below at 1.3836, 1.3812 and 1.3790, with resistance above at 1.3882, 1.3904, and 1.3928. Hourly Moving Averages are mixed, with the 200SMA bullish at 1.3796 and the daily 20EMA bullish at 1.3757. Hourly RSI is neutral at 45.