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EUR/USD training at 1.2620 before another leap

FXStreet (Moscow) - EUR/USD opened at 1.2631, and started to drift lower reaching 1.2607 session low, before recovering to current 1.2620.

PMI may kill

The yesterday’s CPI data out of the EMU was depressing enough to send the pair below 1.26, however, it was not bad enough to leave it there. Today’s series of PMI reports out of the EMU may help the pair with a breakout with initial target at 1.2566 support, provided the data comes out below expectations. German readings will be of the highest importance, as the economy is the engine for the whole euro zone. Geopolitical tensions with Russia could have taken its toll on the export-oriented economy, and if it is confirmed by the PMI, we may see impressive sell-off of the euro.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2635, with support below at 1.2566, 1.2503, and 1.2434, with resistance above at 1.2698, 1.2767 and 1.2830. Hourly Moving Averages are bearish, with the 200SMA at 1.2775 and the daily 20EMA bearish at 1.2872. Hourly RSI is bearish at 42.

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