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EUR/USD around 1.2845 getting ready for PMI data

FXStreet (Moscow) - EUR/USD failed to go on with the rise, as it touched 1.2863 session high in Asia, and reversed the move currently sliding to 1.2845 area.

Is it contraction?

Yesterday’s Draghi speech didn’t spark much action in the market, as the chairman didn’t touch the most sensitive issues, and all what he said was about the obvious economic weakness of the euro zone. Today the investors may focus on the PMI data out of the Euro area. Last month the composite index slipped to the lowest in 2014, but it is still above the 50-point waterline. If this time the indicator comes below, the pair may get under additional selling, and the slide below 1.28 is not ruled out.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2844, with support below at 1.2821, 1.2792, and 1.2769, with resistance above at 1.2873, 1.2896 and 1.2925. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2911 and the daily 20EMA bearish at 1.3000. Hourly RSI is bullish at 50.

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