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EUR/USD failed to settle above 1.27

FXStreet (Moscow) - EUR/USD opened the day at 1.2690, reached 1.2715 high in Asia, but failed to settle there, and retreated to current 1.2696.

Is it a stop, or a pause?

German disappointing fundamentals failed to stop the euro rally. However, technical factors succeeded. The pair met a strong area of resistance around 1.2790 yesterday, and reversed the move , currently trading around 1.2696. As European economic calendar is empty for today, the market sentiment may again become the key catalyst for the pair moves. USD dominance is still under question. However, the euro has too many troubles with weakening Germany and easy ECB stance, and these factors may have put a stop to the recent rally for good. If so, the next target on the way down may become 1.2639 support level.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2716, with support below at 1.2639, 1.2588, and 1.2511, with resistance above at 1.27767, 1.2844 and 1.2895. Hourly Moving Averages are bullish, with the 200SMA at 1.2641 and the daily 20EMA flat at 1.2764. Hourly RSI is bullish at 50.

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