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EUR/USD glued to 1.2755; triggers are wanted

FXStreet (Moscow) - EUR/USD  is glued to its opening level at 1.2755 after having moved in a narrow range limited by 1.2669 on the upside and 1/2736 on the downside during quiet Asian hours

EUR/USD has stuck in mid-1.27 after having spiked to 1.2889 during the previous week. It seems that EUR upside correction from oversold levels is running out of steam. A failure to register a daily close above 1.2840 pivot, may lead to rangebound trading within the nearest future. Monday’s European calendar contains only second tier reports such as German PPI and EZ trade balance. Normally, these reports have low market moving potential, but a new evidence of increased deflation pressure in the largest EZ economy might push the single currency towards initial support of 1.2750 and then to 1.2725. The intraday resistance comes at 1.2775 (option expiry) and 1.2800.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2781, with support below at 1.2724, 1.2687 and 1.2630, with resistance above at 1.2818, 1.2875 and 1.2919. Hourly Moving Averages are mixed, with the 200SMA bullish at 1.2715 and the daily 20EMA flat at 1.2758. Hourly RSI is bearish at 42.

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