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2 Apr 2014
EUR/USD broke below 1.38 on the ECB rumors
FXStreet (Moscow) - EUR/USD broke below 1.38, and reached 1.2784 low by the moment.
PPI poured some oil to the fire
The expectations of unchanged policy from the ECB, and positive comments from Draghi have risen recently. However, there are rumors in media that “intense debate” will be going on Thursday within the executive board as March HICP data disappointed. It means that the ECB officials are still in two minds on the future course of actions, and some new stimulus measures are not ruled out. The just released weaker than expected February euro zone PPI only fueled the fears. The index fell by 0.2% m/m vs -0.1% expected. The pair broke below 1.38 support level and reached 1.3784 session low by the moment. Most probably the long covering will go on during the European session, with initial target at 1.3745 area.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3793, with support below at 1.3769, 1.3745 and 1.3721, with resistance above at 1.3817, 1.3841, and 1.3865. Hourly Moving Averages are bullish, with the 200SMA at 1.3786 and the daily 20EMA flat at 1.3798. Hourly RSI is neutral at 62.
PPI poured some oil to the fire
The expectations of unchanged policy from the ECB, and positive comments from Draghi have risen recently. However, there are rumors in media that “intense debate” will be going on Thursday within the executive board as March HICP data disappointed. It means that the ECB officials are still in two minds on the future course of actions, and some new stimulus measures are not ruled out. The just released weaker than expected February euro zone PPI only fueled the fears. The index fell by 0.2% m/m vs -0.1% expected. The pair broke below 1.38 support level and reached 1.3784 session low by the moment. Most probably the long covering will go on during the European session, with initial target at 1.3745 area.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3793, with support below at 1.3769, 1.3745 and 1.3721, with resistance above at 1.3817, 1.3841, and 1.3865. Hourly Moving Averages are bullish, with the 200SMA at 1.3786 and the daily 20EMA flat at 1.3798. Hourly RSI is neutral at 62.