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EUR/USD on the back foot, 1.2700 pivot within reach

FXStreet (Moscow) - EUR/USD started the day at 1.2752 with a small bullish gap, but retraced to 1.2719 during Asian hours.

EUR/USD managed to recover strongly on Monday. The pair finished the day well above 1.2700 level and spiked to new weekly high at 1.2768 early in Asia, though the upside was not sustained as UDS upside correction against JPY and Aussie pushed the pair towards current levels around 1.2720. Ahead looks like a packed calendar in Europe. Portugal, Italy and France publish their september inflation reports that may confirm that the deflation threat is growing in Eurozone. Normally these figures lack market moving potential, but new evidence of increased deflationary pressures in the South ahead of EZ CPI on Wednesday may drag the single currency lower. The initial support comes at 1.2700, while the resistance is seen at 1.2748 (Monday’s close)

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2711, with support below at 1.2661, 1.2570 and 1.2520, with resistance above at 1.2696, 1.2762 and 1.2807. Hourly Moving Averages are bearish, with the 200SMA bullish at 1.2650 and the daily 20EMA bearish at 1.2752. Hourly RSI is bullish at 59.

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