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EUR/USD licked its wounds and ready to rebound

FXStreet (Moscow) - EUR/USD rebounded from Asian 14-month low at 1.2833, currently trading at 1.2870.

TLTRO to watch

The pair is licking its wounds after yesterday’s plunge, and has already managed to recover to 1.2880 area, though currently retreating to 1.2865. Now, when the pair survived the FOMC meeting but with impressive losses, it’s turn to pass another test in the form of the first TLTRO auction. The reason it is so important for the current euro moves, is because the banks demand on borrowing within this new operation is an indicator of effectiveness of the current ECB tools. If the lending amount is around, or above 200 bln, it may give the pair the needed support, and may send it to 1.2900 initially, followed by 1.2947.

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 1.2928 and the daily 20EMA bearish at 1.2947. Hourly RSI is bearish at 41.

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