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EUR/USD ignored German CPI, drifting to 1.2660

FXStreet (Moscow) - EUR/USD reversed the move from 1.2624 low posted in Asia, and drifted higher to current 1.2661.

The just released German CPI data remained unchanged, and was practically ignored by the market, as the euro is trading within 30-pip range during the last five hours. Since the European session lacks any specific catalysts, the market focus may turn to American session, when US Retail Sales are scheduled for release. The forecasts point to weaker consumption in September, and if it comes even lower, the pair may get some fuel for the rise. The initial target on the way higher may be located at 1.2689.

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 41.

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