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EUR/USD hovering around option barrier at 1.2050

FXStreet (Moscow)- EUR/USD is marginally higher on the day; the pair started Wednesday at 1.2847 in Asia and moved up to 1.2856 so far.

Nervous ahead of data

EUR/USD recovery attempts failed at 1.2901 on Tuesday, as the pair touched the above said resistance and dropped back towards its opening level at 1.2847 on the back of broadband USD strength. While currently single currency is consolidating losses marginally above the strong support level at 1.2840 it is vulnerable to new losses, should Germany's Ifo Business Climate Index for September published later today signals that slowdown in emerging economies and conflict in Ukraine has had its toll on the largest European economy. The index is expected to drop to 105.7 from 106.3 in August. From the technical point of view, keep an eye at 1.2850 as there is an option barrier here. The next support comes at 1.2840 and at 1.2816 (fresh low of 2014). The resistance is seen at 1.2886 and at 1.2900.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2864, with support below at 1.2826, 1.2805, and 1.2767, with resistance above at 1.2885, 1.2923 and 1.2944. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2914 and the daily 20EMA bearish at 1.2985. Hourly RSI is bearish at 49.

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