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EUR/USD on retreat; 1.2600 pivot in sight

FXStreet (Moscow) - EUR/USD retraced to 1.2619 after having started the Asian session at 1.2653 as USD bas been on recovery mode across the board

The upside was short-lived

EUR/USD had a good week start as the pair recovered nearly all Friday losses and finished the day well above 1.2600, at 1.2656. The nature of the movement is purely technical as there were few macroeconomic reports and they could hardly support EUR rally. Both German factory orders and Sentix Investor Confidence index came out well below expectations. Later during the day we are waiting for German industrial production numbers that may come as another disappointment and put a stop to EUR upside correction. Keep an eye at 1.2600 support, as once it is broken, the bearish sentiments might become stronger. The upside is likely to be limited by 1.2662

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2613, with support below at 1.2551, 1.2447, and 1.2385, with resistance above at 1.2717, 1.2779 and 1.2883. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2660 and the daily 20EMA bearish at 1.2788. Hourly RSI is bullish at 59.

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