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3 Mar 2014
EUR/USD got knocked by Ukraine, but recovers in Europe
FXStreet (Moscow) - EUR/USD gapped lower at the Monday open, but it managed to recover part of the losses by the moment.
Positive ECB expectations will keep up euro demand
The pair opened the day at 1.3759, but soon resumed the rise reaching 1.3792 high by the moment. The possibility of Russian military invasion to Ukraine pressured the euro, but the fears already disappeared. Today we will see a series of Final Manufacturing PMI data that is not expected to have a big impact on the market, but may support the positive vibrations for the euro in case of higher than expected numbers. The market expectations on the ECB stance is changing, and the stronger the data the less chances we will see additional easing on Thursday meeting. This understanding may support the pair with initial target at 1.3855 resistance level.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3774, with support below at 1.3722, 1.3641, and 1.3589, with resistance above at 1.3855, 1.3907, and 1.3988. Hourly Moving Averages are largely bullish, with the 200SMA at 1.3732 and the daily 20EMA bullish at 1.3693. Hourly RSI is neutral at 55.
Positive ECB expectations will keep up euro demand
The pair opened the day at 1.3759, but soon resumed the rise reaching 1.3792 high by the moment. The possibility of Russian military invasion to Ukraine pressured the euro, but the fears already disappeared. Today we will see a series of Final Manufacturing PMI data that is not expected to have a big impact on the market, but may support the positive vibrations for the euro in case of higher than expected numbers. The market expectations on the ECB stance is changing, and the stronger the data the less chances we will see additional easing on Thursday meeting. This understanding may support the pair with initial target at 1.3855 resistance level.
What are today’s key EUR/USD levels?
Today's central pivot point can be found at 1.3774, with support below at 1.3722, 1.3641, and 1.3589, with resistance above at 1.3855, 1.3907, and 1.3988. Hourly Moving Averages are largely bullish, with the 200SMA at 1.3732 and the daily 20EMA bullish at 1.3693. Hourly RSI is neutral at 55.