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EUR/USD – rise and fall in narrow range

FXStreet (Moscow) - EUR/USD touched 1.2951 in late Asia before retreating to current 1.2930 area.

Some rebound?

The pair has probably bottomed for the short term around 1.2875, as lack of economic news leaves the market without catalysts, and the current USD popularity is not enough to break below the mentioned support. The fact the pair closed above 1.29 yesterday may be a sign the investors are ready for a mild correction higher. However, every time the pair strengthens, it may attract speculators seeking for more attractive levels to enter with shorts. That’s what we probably see now.

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 mixed, with the 200SMA bearish at 1.3049 and the daily 20EMA bearish at 1.3146. Hourly RSI is bullish at 58.

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