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EUR/USD ignored another weak report out of Germany

FXStreet (Moscow) - EUR/USD started the day around overnight highs at 1.2654, but reversed the move sliding to 1.2620 area by the European opening.

A trend, or not a trend?

The euro retreated from yesterday highs, losing just about 40 pips during Asian session. Although the pair is showing some attempts to recover after another bout of selling seen post NFP release, the recent economic data leaves much to be desired. The yesterday’s factory orders out of Germany plunged by 5.7% - the largest slump since January, 2009. The released today German Industrial data fell by impressive 4.0% vs -1.5% forecast. All this only confirms the problems of the largest European economy partly rooted in the conflict with Russia. So far the pair ignores negative data, but if the trend continues, it will be another factor of pressure on the pair with initial target at 1.2551 support.

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, followed by 1.2447, and 1.2385, with resistance above at 1.2717, followed by 1.2779 and 1.2883. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2658 and the daily 20EMA bearish at 1.2788. Hourly RSI is bullish at 60.

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