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EUR/USD is hesitant at 1.34 handle

FXStreet (Moscow) - EUR/USD started Monday on a weaker note as the pair opened in Asia at 1/3406 and touched current low at 1.3396; it seems that EUR bears are determined to get it firmly below 1.34 handle

Sign of relief?

This week is going to be hard for EUR bears. Weekly hammer right after a dragonfly doji signals of indecision, while a series of three higher lows on daily chart and weekly close above 1.3400 confirms that the upside correction might be in store. Today’s European macroeconomic calendar is next to empty, thus the EUR dynamics most likely to be driven by technical and speculative factors. Also be aware of geopolitical news as it is a potential source of volatility. The situation over Ukraine is very unstable and a sign of relief following the news that Russian troops finished drills and went to bases might be followed by another moan of horror any time. From the technical point of view, 1.3400/90 is critical to EUR bears on the intraday basis, if they take it out, the downside may accelerate towards 1.3340/30 while the upside is likely to be limited by US Friday high at 1.3430 followed by strong offers at 1.3445

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3395, with support below at 1.3357, 1.3305 and 1.3267, with resistance above at 1.3447, 1.3484, and 1.3537. Hourly Moving Averages are mixed, with the 200SMA bullish at 1.3392 and the daily 20EMA bearish at 1.3451. Hourly RSI is bullish at 57.

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