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EUR/USD still depressed, nearing 4-year lows

FXStreet (Moscow) - EUR/USD opened at 1.2681, slid to 1.2663 not seen from November, 2012, before rebounding to current 1.2677 area.

Selling on expectations

The pair has been under pressure during the last week, but the key reason of its slide was USD strength, rather than the euro weakness. This week it may be different, as the ECB meeting is looming. Since the recent data out of the euro zone kept disappointing the markets, and the first TLTRO auction results left much to be desired, Draghi may say more about additional unconventional stimulus measures. The expectations of such comments may trigger the euro sell-off from the start of the week, with the initial target at 1.2653 support level.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2708, with support below at 1.2653, 1.2623, and 1.2568, with resistance above at 1.2738, 1.2793 and 1.2823. Hourly Moving Averages are bearish, with the 200SMA at 1.2839 and the daily 20EMA bearish at 1.2920. Hourly RSI is bearish at 25.

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