13 Jan 2014
EUR/USD has all the reasons to resume the rally…so far
FXstreet.com (Moscow) - EUR/USD is slowly moving higher on the momentum move triggered by Friday’s NFP results – from 1.3678 at the start it reached local high at 1.3684.
Now all the eyes on US Retail Sales
Friday brought a relief to EUR/USD, as Non-Farm Payrolls disappointed most of the market, even though the unemployment rate dropped to 5-year low. Now, the euro has the reasons to rise again, especially if the US data this week will continue to question the further QE tapering. Today we won’t get anything significant on data front, but there is very important piece of information scheduled on Tuesday. The US retail sales may show the sharp drop of consumer demand, and if so, it may delay the stimulus reduction by the FED. Thus, the pair has the potential to recover further with the initial target at 1.3712 resistance level followed by 1.3758. Though, reaching it make take more than one day.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3541, with support below at 1.3595 (S1), 1.3524 (S2) and 1.3478 (S3), with resistance above at 1.3712 (R1), 1.3758 (R2), and 1.3829 (R3). Hourly Moving Averages are bullish, with the 200SMA at 1.3649 and the daily 20EMA flat at 1.3662. Hourly RSI is neutral at 67.
Now all the eyes on US Retail Sales
Friday brought a relief to EUR/USD, as Non-Farm Payrolls disappointed most of the market, even though the unemployment rate dropped to 5-year low. Now, the euro has the reasons to rise again, especially if the US data this week will continue to question the further QE tapering. Today we won’t get anything significant on data front, but there is very important piece of information scheduled on Tuesday. The US retail sales may show the sharp drop of consumer demand, and if so, it may delay the stimulus reduction by the FED. Thus, the pair has the potential to recover further with the initial target at 1.3712 resistance level followed by 1.3758. Though, reaching it make take more than one day.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3541, with support below at 1.3595 (S1), 1.3524 (S2) and 1.3478 (S3), with resistance above at 1.3712 (R1), 1.3758 (R2), and 1.3829 (R3). Hourly Moving Averages are bullish, with the 200SMA at 1.3649 and the daily 20EMA flat at 1.3662. Hourly RSI is neutral at 67.