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EUR/USD taking chances above 1.2520

FXStreet (Moscow) - EUR/USD started the day at 1.2514, and slowly drifted up reaching 1.2528 by the European opening.

US data to focus on

The pair got another portion of disappointing reports this morning with German Factory orders plunging by 5.7% in August. On Friday, the pair reached record lows not seen since August, 2012, as not only euro zone data keeps bringing disappointing results, but also American economy is gathering pace printing better than expected jobs growth. There are no interesting releases out of the EMU scheduled for release this week, thus, the American developments will play the key role in the pair moves. The looming FOMC minutes may be interesting to see in order to understand whether Yellen is ready to act earlier than previously thought. If investors find some hints on more dovish stance of the chairwoman, it may help the pair to recover part of the losses.

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 1.2686 and the daily 20EMA bearish at 1.2801. Hourly RSI is bearish at 23.

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