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EUR/USD failed to break 1.27 and retreated

FXStreet (Moscow) - EUR/USD touched 1.2697 high in Asia, before retreating to current 1.2670 area in early Europe.

The just released German Wholesale Price Index came out worse than expected at -0.9% y/y vs -0.7% y/y, and it only confirmed still weak price pressure within the largest European economy. We have already seen a series of disappointing results out of Germany, and if this trend is confirmed in the nearest months, it will put the ECB under additional pressure to ease the monetary policy further. The more investors price-in such scenario, the larger downside potential the euro may have.

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 53.

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