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EUR/USD drifts on 1.3360 boat

FXStreet (Moscow) - EUR/USD added 10 pips from 1.3358 Asian low, although it is already moving back to the roots at the moment.

Sell-off overdone

We noted already the oversold nature of the single currency, as the number of short futures positions, according to CFTC data, reached more than 2-year high. The yesterday’s reaction of the pair to worse than expected GDP data out of Germany and the EMU confirmed the market sentiment. And the rise on worse than expected US Jobless data cemented our assumption. There are very few sellers in the market left, thus a short-term rebound is not ruled out today especially before the weekend on the back of empty economic calendar. The initial target to the upside may lie at 1.3399, and the downside may be limited by 1.3339.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3374, with support below at 1.3339, 1.3314 and 1.3279, with resistance above at 1.3399, 1.3434, and 1.3459. Hourly Moving Averages are mostly neutral, with the 200SMA bearish at 1.3376 and the daily 20EMA bearish at 1.3425. Hourly RSI is bearish at 48.

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