EUR/USD - EUR/USD waits for the ZEW survey - 09/16/2014 (GMT)

• EUR/USD traded virtually unchanged on Monday, remaining below the psychological barrier of 1.3000 (R1) and the lower boundary of the blue downside channel, connecting the highs and the lows on the daily chart. The MACD remains near its zero line and could become positive in the near future, while the RSI crossed again above its 50 line. These momentums signs favor more upside, perhaps a test at the psychological line of 1.3000 (R1) as a resistance this time. Nevertheless, taking into account that the German ZEW indices for September are expected to decline, we may see the pair lower. A bad release could probably open the way for another test near the support of 1.2860 (S1) in the near future. A clear break below 1.2860 (S1) is likely to trigger extensions towards the key support zone of 1.2760 (S2), defined by the lows of March and July 2013.
• Support: 1.2860 (S1), 1.2760 (S2), 1.2660 (S3)