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EUR/USD paralyzed at 1.2517; correction ahead?

FXStreet (Moscow) - EUR/USD is stuck in a narrow 15-pip range marginally higher from new multi year lows reached on Friday session as investors need to come to grips with new EUR lows

Bottomless abyss for EUR?

EUR/USD lived through another awful week. The pair hasn’t had a bullish weekly close since the beginning of June and since that time it has lost more that 1000 pips – nothing to sneeze at. EUR broke below an important 1.2660 support level crashed to the lows last seen in August 2012 on Friday on the back of unexpectedly positive US Non Farm Payroll data. The pair is consolidating losses, waiting for the European opening and fresh triggers. German Factory Orders might be interesting by hardly life-changing for EUR (-2.5% m/m is expected in August against 4.6% in July). Strong demand on approach to 1.2500 is likely to cap the downside for the time being. The upside is limited by 1.2557. A break higher is needed for an extended bullish correction.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2564, with support below at 1.2453, 1.2388, and 1.2277, with resistance above at 1.2629, 1.2740 and 1.2805. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2692 and the daily 20EMA bearish at 1.2801. Hourly RSI is bearish at 20.

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