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EUR/USD on mend, but sky is still clouded

FXStreet (Moscow)- EUR/USD has regained some ground after having touched the Asian low at 1.2835; currently the pair is trading at 1.2865, marginally higher on the day.

EUR/USD bears need some rest

EUR/USD experienced a head-spinning drop on Wednesday due to major USD rally across the board. The pair dipped well below 1.2900 level and lost nearly 100 pips in one day. During early Asian hours the downside extended towards new 2014 low at 1.2835 where he bearish dynamics stalled and the pair started the upside correction. This is but natural as the pair is deeply oversold. Ahead looks like a quiet European calendar, but EUR fate might be influenced by SNB’s rate decision. During NY hours, don’t miss US housing market reports and Yellen’s speech as they may give USD another boost. From the technical point of view, keep an eye at 1.2835 (current Asian low) support. Once it is broken, the next pivot - 1.2800 - will come into play. The upside is likely to be limited by medium offers spotted at 1.2900.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2900, with support below at 1.2817, 1.2770, and 1.2687, with resistance above at 1.2947, 1.3030 and 1.3077. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2930 and the daily 20EMA bearish at 1.2947. Hourly RSI is bullish at 33.

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