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EUR/USD wrecked at 1.2930 support

FXStreet (Moscow)- EUR/USD has recovered from the Asian low of 1.2922 and settled marginally above 1.2930 support; the pair is consolidating Thursday’s losses with bearish bias.

Ruined EUR

Draghi just trampled down and crushed the last hope of broken hearted EUR/USD bulls. Yesterday’s meeting was supposed to be a non-event, but turned out to be a bomb. The decision to cut the policy rate and to push the deposit rate lower to the negative territory is going to dominate the market sentiments over the next while. It means that EUR/USD may continue tumbling down to new multi-year lows. The pair is rangebound during Asian hours as the markets have to come to grips with the new reality. Though later during the day the downside nay be resumed on the back of positive US Non-Farm Payrolls data. The key support is seen at 1.2900 and at 1.2883 (July 2013 low). The upside is likely to be capped by intraday Asian high of 1.2947.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.3006, with support below at 1.2858, 1.2771, and 1.2623, with resistance above at 1.3093, 1.3241 and 1.3328. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.3144 and the daily 20EMA bearish at 1.3222. Hourly RSI is bearish at 19.

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