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EUR/USD dived to 1.2930 area

FXStreet (Moscow) - EUR/USD opened the day higher at 1.2975, but failed to extend the rise, meeting sellers interest and currently sliding to 1.2930 area.


There is no obvious reasons for current sell-off of the euro except market sentiment, and failed breakout above 1.2970 area. The buyers may step in around 1.2925, if sell-off resumes. However, the pair may get some reasons to recover from July, 2013 lows this week, and it can be related not only to the outcome of the looming FOMC meeting, but also to the initial European Central Bank’s TLTRO. Since the monetary authorities cut the interest rate to the lowest possible level, it may become a significant incentive to involve banks into the TLTRO participation. The higher is the demand during the first auction, the better it is for the euro. The initial target to the upside may be found at 1.2993.

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 mixed, with the 200SMA bearish at 1.2975 and the daily 20EMA bearish at 1.3092. Hourly RSI is bearish at 49.

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