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EUR/USD hesitant at 1.2749 ahead of Draghi's speech

FXStreet (Moscow) - EUR/USD is staying close to post FOMC highs at 1.2749; the pair is consolidating in a tight range with light bullish bias.

Will Draghi spoil the party?

EUR/USD is poised for the first positive week after about tow and half months of steady decline. The upside correction from deeply oversold levels intensified yesterday. When markets realized that may not raise rates as early as expected. This news triggered an extensive USD sell-off. The nearest calendar risk event for EUR today is German trade balance that is expected to become another evidence of weakening German economy. While it may contain EUR rally during European hours, in NY the focus will shift onto Draghi’s speech in Washington. As long as he is not too dovish, EUR has a chance to continue the upside.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2702, with support below at 1.2655, 1.2575, and 1.2277, with resistance above at 1.2782, 1.2829 and 1.2909. Hourly Moving Averages are bearish, with the 200SMA bullish at 1.2637 and the daily 20EMA bearish at 1.2801. Hourly RSI is bullish at 63.

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