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EUR/USD dancing around 1.2800

FXStreet (Moscow) - EUR/USD  is confined to a narrow range limited by 1.2815 on the upside and 1.2793 on the downside during quiet Asian hours; currently the pair is trading at 1.2796

Eurozone consumer inflation came out in line with expectations on Thursday, but the news was ignored by the market in full compliance with the latest EUR tendency to look for inspiration in US macroeconomic data. European calendar is next to empty today, which means that the single currency may be influenced by position adjustment as the volatile week is drawing to an end. While the technical picture has improved, EUR is at risk of further decline if Yellen says something encouraging either about US economy or FED’s policy. Chances are few, considering her latest comments and dovish FOMC minutes, but we they cannot be ruled out. From the technical point of view, there is an option barrier at 1.2800 that may limit the downside for the time being, though once it is broken, the pair might continue the downside towards 1.2720.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2787, with support below at 1.2728, 1.2647 and 1.2588, with resistance above at 1.2868, 1.2927 and 1.3008. Hourly Moving Averages are mixed, with the 200SMA bullish at 1.2698 and the daily 20EMA flat at 1.2757. Hourly RSI is bullish at 51.

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