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EUR/USD is caged in 10-pip range around 1.34

FXStreet (Moscow) - EUR/USD opened the day at 1.3395, touched 1.3387 low, rebounded to 1.3398, but gravitation brought it back to 1.3390 area at the moment.

Few reasons to buy

The euro is oversold, and this is confirmed by CFTC data, and by its recent behavior. However, there are very few reasons to buy the currency in current situation taking into consideration the economic indicators weakness, and still escalating Russian-Ukrainian conflict having negative effect on the Germany trades. The only supportive factor for now is probably the profit fixing that may be triggered in cases when speculators think the downside potential for the pair is limited. As soon as the corrective moods are over the pair may be sold out again, and in this case the initial target to the downside may lie at 1.3369, followed by 1.3338.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3391, with support below at 1.3369, 1.3338 and 1.3316, with resistance above at 1.3422, 1.3444, and 1.3475. Hourly Moving Averages are bullish, with the 200SMA at 1.3374 and the daily 20EMA bearish at 1.3422. Hourly RSI is bullish at 62.

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