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EUR/USD may get inspired by FOMC minutes

FXStreet (Moscow) - EUR/USD started the day at 1.2668, made an attempt to setlle above 1.2680 in Asia, before retreating to current 1.2630 area.

When something is overdone

The euro ignored two weak reports out of Germany in a row, and is still trading above 1.26 confirming the currency has probably reached the bottom. Besides, the market starts to question whether the current USD positions are overdone, as well. Given the empty economic calendar of the euro zone, the key catalyst of the moves today may become the expectations of the FOMC minutes release. Doubts about the hawkish position of the FED may support the demand on the euro, and help it to move higher with initial target at 1.2707 resistance.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2645, with support below at 1.2608, followed by 1.2546, and 1.2509, with resistance above at 1.2707, followed by 1.2744 and 1.2806. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.2643 and the daily 20EMA bearish at 1.2776. Hourly RSI is bearish at 49.

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