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EUR/USD back to 1.29, but not below yet

FXStreet (Moscow) - EUR/USD opened at 1.2916, thouched 1.2924 session high in Asia before retreating to current 1.29 area.

Flight to euro… shorts

The pair closed Wednesday higher, and it may be a sign the sell-off stalled for a pause, or for a correction. The lack of economic events from the euro zone made the euro move under the influence of market sentiment. Since the market loves USD today, it means for the time being even some corrective rebounds may be short-lived, and trigger massive flight to the euro shorts at more attractive levels.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2922, with support below at 1.2879, 1.2842, and 1.2799, with resistance above at 1.2959, 1.3002 and 1.3039. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.2916 and the daily 20EMA bearish at 1.3146. Hourly RSI is bearish at 46.

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