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EUR/USD sitting just above 1.2950 support

FXStreet (Moscow)- EUR/USD tested the support of 1.2950 before recovering to current level of 1.2955 amid low-key trading ahead of European opening.

Correction or another leg lower?

EUR/USD finished the week with marginal losses. The pair settled in mid-1.29 range after dipping to new lows at 1.2859 at the beginning of the week. This dynamics resulted in dragonfly doji on weekly chart. Normally this candlestick pattern suggest that bears are exhausted and the pair may start an upside correction. Though we need a confirmation in the form of bull candle on the weekly chart to be sure of that. Moreover, this week is full of major risk events, that may trigger another leg lower. Uncertainties amid forthcoming FOMC meeting on Wednesday and the ECB's announcement of the first series of TLTRO results on Thursday may prevent EUR from growing. On the intraday basis, keep an eye at 1.2950 (current Asian low) on the downside, and at 1.2979 (Friday’s high) on the upside.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2951, with support below at 1.2922, 1.2880, and 1.2851, with resistance above at 1.2993, 1.3022 and 1.3064. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2978 and the daily 20EMA bearish at 1.3092. Hourly RSI is bullish at 60.

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