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EUR/USD upside stalled on approach to 1.2700 pivot

FXStreet (Moscow) - EUR/USD spiked towards the Asian high at 1.2698 after having started the day at 1.2624; the upside has stalled on approach to the key resistance area at 1.2700.

EUR/USD had the first positive week after about two and a half months of steady decline. The pair touched the weekly high at 1.2791, but failed to keep the ground and closed at 1.2613, having gained 100 pips. EUR started the Asian session with the steady bullish movement and reached the resistance area of 1.2700. Strong offers on approach coupled with stops has capped the upside so far. The positive dynamic is caused mainly by USD weakening against JPY. Later during the day Germany publishes a whole sale prices report. While it may give a glimpse of inflation situation in the largest European economy, its market moving potential is low. From the technical point of view keep an eye at 1.2700. Once it is broken, 1.2725 will come into sight. The support comes at 1/2620 and followed by 1.2600.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2651, with support below at 1.2585, 1.2540 and 1.2474, with resistance above at 1.2696, 1.2762 and 1.2807. Hourly Moving Averages are bearish, with the 200SMA bullish at 1.2641 and the daily 20EMA bearish at 1.2752. Hourly RSI is bullish at 59.

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