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EUR/USD clawing back ground, off Asian low at 1.2624

FXStreet (Moscow) - EUR/USD  touched the Asian low at 1.26424 before recovering to 1.2640; the pair started the day at 1.2660 and lost about 20 pips so far.


Dismal German ZEW and EZ industrial production numbers pulled the rug from under EUR bulls feet. The single currency tumbled across the board on Tuesday after a positive start of the week. The European economic picture is getting saker and darker as Ukrainian crisis and related Russian mutual sanctions are starting to bite. Investors hope that the ECB would take a more active approach and start some kind of QE. While Draghi would love to do so, his German colleagues are hard to negotiate with on these issues. The Head of the central bank is out speaking today early in Europe. By no means his comments would have a great impact of market sentiments. Keep an eye at 1.2600 support (this is October 10 low, enhanced by option barrier and strong demand on approach). Once it is broken, the downside might speed up to medium demand at 1.2550/60.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2689, with support below at 1.2609, 1.2560 and 1.2480, with resistance above at 1.2738, 1.2818 and 1.2867. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2654 and the daily 20EMA flat at 1.2743. Hourly RSI is bearish at 39.

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