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EUR/USD is hiding from sellers in a range

FXStreet (Moscow) - EUR/USD is consolidating with a light bearish bias as investors are pensive ahead of inflation data from France and Germany; bears are might be getting ready for a new assault.

EUR observes the range so far

Sure enough, EUR/USD was depressed by horrid ZEW numbers, but poor outcome had been already partially priced in and as a result the downside momentum faded away on approach to previous week’s low at 1.3330. From the technical point of view the pair has formed local bottom, getting ready for short-term rebound. Though don’t get too carried away by this fact as overall EUR sentiments remain deeply bearish. For now 1.3400 is the limit for EUR bulls. We need to see a sustained daily close above this pivot to hope for more pronounced rebound. From the fundamental point of view, keep your eyes peeled for EZ countries inflation numbers as new signs of deflation might trigger a wave of speculation about more ECB stimulus. From the technical point of view the initial support is seen at Friday’s low of 1.3342 and followed by Tuesday’s low at 1.3334.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3364, with support below at 1.3341, 1.3313 and 1.3290, with resistance above at 1.3392, 1.3415, and 1.3444. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.3386 and the daily 20EMA bearish at 1.3438. Hourly RSI is bearish at 46.

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