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EUR/USD keeps going lower, but with tiny steps

FXStreet (Moscow) - EUR/USD opened at 1.2959, and since that time step by step moved lower; currently , it is trading at 1.2950.

No hike – no sell-off

The pair has kept to narrow ranges for quite a time, as negative euro zone news are not enough to trigger the further sell-off, and the USA has not offered interesting reports for some time. However, everything will be different tonight, as Fed will announce its plans for the future, as QE3 comes to an end in October. If no definite term of first hike is given, and the phrase “considerable time” related to low rates is still there, the pair may have all chances to rebound above 1.30, with initial target at 1.3033 resistance.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2959, with support below at 1.2923, 1.2885, and 1.2849, with resistance above at 1.2997, 1.3033 and 1.3071. Hourly Moving Averages are mixed, with the 200SMA bullish at 1.2933 and the daily 20EMA bearish at 1.3066. Hourly RSI is bearish at 49.

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