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EUR/USD above 1.2920. Ready for more?

FXStreet (Moscow)- EUR/USD dipped to 1.2925 after opening at 1.2940 in Asia. but the short-term bearish momentum is waning as the pair has stabilized ahead of European opening.

High time for rebound

EUR sentiments somewhat improved by the end of the day on Tuesday. though this welcome development has nothing to do with better EU fundamentals or improved economic profile in Europe. On a longer-term basis the single currency has been falling down for about three months. It has lost about 1000 pips since May’s high at 1.3993. While the overall trend is definitely bearish, the pair needs at least short-term correction. Theoretically, the upside may be triggered by better than expected inflation data from Greece and Portugal (both in deflation zone), but don’t count too much on it as a couple of pips of improvement won’t end the deflation in these countries and certainly won’t change the situation in EZ as a whole. Technically, the pair needs to stay above 1.2900 to get a chance for further upside towards 1.2950 and then to 1.2988 (Friday’s high). If the above said support level is broken, the downside might extend towards Tuesday’s low at 1.2859.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2918, with support below at 1.2879, 1.2819, and 1.2780, with resistance above at 1.2978, 1.3017 and 1.3077. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.3053 and the daily 20EMA bearish at 1.3146. Hourly RSI is bullish at 52.

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