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EUR/USD comes back below 1.26 on weaker German PMI data

FXStreet (Moscow) - EUR/USD traded just above 1.26 before the key PMI reports out of Germany, and the EMU on the whole; it moved to 1.2586 post releases.

PMI is out

Spanish and Italian data printed better than expected numbers giving the euro bulls a hope that the periphery returned to recovery path. However, French PMI met the forecasts, and Germany showed 49.9 vs 50.3 expected. On the whole, the EMU Manufacturing PMI was worse than expected printing 50.3 vs 50.5 forecast, still staying above 50-point boom/bust line, but not giving much support to the euro. The market needs to see stronger readings in order to believe the ECB’s unconventional tools started to give first results, but now we only see further slowing in the core economies of the euro zone. The pair moved to 1.2586 on the data release with possibility of targeting 1.2566 support next.

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 1.2774 and the daily 20EMA bearish at 1.2872. Hourly RSI is bearish at 42.

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