15 Apr 2014
EUR/USD is more dead than alive at 1.3815
FXStreet (Moscow) - EUR/USD is trading at 1.3814, nearly unchanged on the day, having posted a daily high at 1.3823 and low at 1.3813.
Inflation data in focus
It seems that EUR/USD is not the greatest currency pair to trade this morning as it fell asleep somewhere at 1.3815, obviously tired after Monday’s deep fall. Draghi’s verbal intervention was not that effective after all as EUR/USD bears stopped short of 1.3800 support.The implications are clear: markets are no longer satisfied with words. They need actions. It means that the pair won’t drop much deeper unless March CPI revisions (published on Wednesday) confirm the weaker inflation in Eurozone. April German ZEW survey due today is seen little changed, though large deviations from the forecasted figures might trigger the EUR volatility. Also keep your eyes peeled for the USA CPI numbers published later today as low inflation in America might dampen the FED mon. policy normalization expectations.
What price levels and patterns have to be considered?
Spot is presently trading at 1.3815, and next resistance can be seen at 1.3820 (Daily Open), 1.3823 (Daily High), 1.3825 (Hourly 20 EMA), 1.3829 (Weekly Classic PP) and 1.3831 (Daily Classic PP).
Next support to the downside can be found at 1.3813 (Daily Low), 1.3808 (Yesterday's Low), 1.3805 (Daily 20 SMA), 1.3797 (Daily Classic S1) and 1.3797 (Weekly Low).
Regarding candlestick formations, we can see Doji formation on the 1-hour .
Inflation data in focus
It seems that EUR/USD is not the greatest currency pair to trade this morning as it fell asleep somewhere at 1.3815, obviously tired after Monday’s deep fall. Draghi’s verbal intervention was not that effective after all as EUR/USD bears stopped short of 1.3800 support.The implications are clear: markets are no longer satisfied with words. They need actions. It means that the pair won’t drop much deeper unless March CPI revisions (published on Wednesday) confirm the weaker inflation in Eurozone. April German ZEW survey due today is seen little changed, though large deviations from the forecasted figures might trigger the EUR volatility. Also keep your eyes peeled for the USA CPI numbers published later today as low inflation in America might dampen the FED mon. policy normalization expectations.
What price levels and patterns have to be considered?
Spot is presently trading at 1.3815, and next resistance can be seen at 1.3820 (Daily Open), 1.3823 (Daily High), 1.3825 (Hourly 20 EMA), 1.3829 (Weekly Classic PP) and 1.3831 (Daily Classic PP).
Next support to the downside can be found at 1.3813 (Daily Low), 1.3808 (Yesterday's Low), 1.3805 (Daily 20 SMA), 1.3797 (Daily Classic S1) and 1.3797 (Weekly Low).
Regarding candlestick formations, we can see Doji formation on the 1-hour .