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EUR/USD retreats below 1.28 to show new spike again

FXStreet (Moscow) - EUR/USD posted 1.2844 high in Asia, before retreating below 1.28 to current 1.2788.

While the euro slid below 1.28 at the European opening, the comeback above is still not ruled out. The pair has its own strategy – it completely ignores bad data out of the euro zone, and keeps special attention to all the US disappointments. This may mean the pair is still deeply oversold, and the traders are looking for every opportunity to drive the pair higher. Most probably the EMU CPI report scheduled for release today may not attract market attention, as the pair is focused on the American readings. The attempts to go back to Wednesday highs are not ruled out in case of weaker than expected numbers out of the US.

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 1.2670 and the daily 20EMA flat at 1.2752. Hourly RSI is bullish at 66.

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