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EURUSD Dropped After CPI to Eight Months Low

by on July 22, 2014 2:13 pm GMT
 

EURUSD slide to its lowest in eight months as an increase in short-term US Treasury yields signaled mounting speculation that Federal Reserve Chair Janet Yellen will need to raise interest rates.

The Dollar extended gains after U.S. consumer prices rose in June, adding pressure on the Fed to tighten policy sooner, while the European Central Bank has introduced unprecedented stimulus. Indonesia’s rupiah weakened from a two-month high as a presidential candidate rejected the election as undemocratic. Russia’s ruble headed for the strongest gain in a month.

The dollar appreciated 0.3 percent to 1.3480 per euro at 8:47 a.m. New York time, after touching $1.3459, the strongest level since Nov. 21. The euro fell 0.3 percent to 136.73 yen. The Japanese currency was little changed at 101.43 per dollar.

EURUSD Pivot Levels Pivot Woodie Fibonacci
Resistance 3 1.3579 1.3577 1.3564
Resistance 2 1.3564 1.3563 1.355
Resistance 1 1.3543 1.3541 1.3542
Pivot 1.3528 1.3527 1.3528
Support 1 1.3507 1.3505 1.3514
Support 2 1.3492 1.3491 1.3506
Support 3 1.3471 1.3469 1.3492