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EUR/USD on back foot but still above 1.2800

FXStreet (Moscow) - EUR/USD  rejected 1.2840/45 resistance zone and moved towards 1.2820 on the back of technical correction.

EUR/USD gained more than 179 pips on Wednesday. The upside was caused the technical rejection from 1/2620/30 support area intensified by profit-taking on long USD positions following the dismal retail sales report. While the daily high set at 1.2889 was not sustained, technical picture is clearly better now, suggesting that more upside may be in store, as long as the pair trades above 1.2800. Later during the day Eurozone CPI numbers will be in focus. While no changes from previous month is expected, signs of increased deflation threat might put EUR under selling pressure and trigger EUR/USD sell-off below the above mentioned pivot. If this is the case, the downside may be extended towards 1.2755.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2783, with support below at 1.2680, 1.2521 and 1.2418, with resistance above at 1.2942, 1.3045 and 1.3204. Hourly Moving Averages are mixed, with the 200SMA bullish at 1.2667 and the daily 20EMA flat at 1.2752. Hourly RSI is bullish at 68.

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