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EUR/USD keeps ignoring negative data targeting new highs

FXStreet (Moscow) - EUR/USD retreated from 2-week high at 1.2759 posted in Asia, and currently is trading around 1.2740 area.

Another report out of Germany

Another portion of disappointing German data is out. Trade balance was 17.5 bln vs 18.5 bln euro, while exports fell by 5.8% vs -4.0% expected. Recent Factory Orders and Industrial production report also added evidence of the troubled industrial sector. All of this only confirms the largest European economy is having problems with growth both due to the conflict with Russia, and due to domestic problems. If the trend keeps evolving, the ECB will have to step in again with some unconventional measures. However, the euro is ignoring all the negative news due to its oversold nature. The pair slid to 1.2730 initially, but already rebounded to 1.2740 area, and may target 1.2782 next.

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 1.2638 and the daily 20EMA bearish at 1.2801. Hourly RSI is bullish at 65.

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