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EUR/USD turns back below 1.2860 before Draghi’s speech

FXStreet (Moscow) - EUR/USD kept climbing from the very open posting 1.2866 in early Europe, but showing the signs of turnaround at the moment

Draghi to speak

The euro shows some corrective rebound in the morning, but the move up is still fragile. Although there was no immediate reaction to the last week’s TLTRO results, the euro still got under pressure on Friday. The market starts to doubt, whether the recent ECB tools prove to be effective, and help the euro zone economy to revive again. Draghi’s speech before European Parliament scheduled for today may be in focus, as any comments on the disappointing initial TLTRO outcome may trigger some sharp moves in the pair. The initial target to the upside may be found at 1.2897, while the downside is defended by 1.2795 support.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2862, with support below at 1.2795, 1.2760, and 1.2693, with resistance above at 1.2897, 1.2964 and 1.2999. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2921 and the daily 20EMA bearish at 1.3015. Hourly RSI is bullish at 50.

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