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EUR/USD is back to 1.27… again

FXStreet (Moscow) - EUR/USD is having hard time recovering from Asian low at 1.2705; it’s currently trading at 1.2712.

The pair got hit yesterday by the news the ECB was going to start buying corporate bonds soon. The market took this message as the confirmation the European monetary authorities were getting closer to the full-blown quantitative easing. The prospects of more stimulus ahead coupled with positive American report released last night pressured the euro, sending it to 1.27 support. For now, the pair found the interim bottom, and is trying to rebound to initial resistance at 1.2757. However, the upside potential is quite limited for the single currency, given the negative fundamental environment. Thus, another attempt to break below 1.27 is not ruled out, with next target to the downside at 1.2673.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2757, with support below at 1.2673, 1.2630 and 1.2546, with resistance above at 1.2800, 1.2884 and 1.2927. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.2732 and the daily 20EMA flat at 1.2757. Hourly RSI is bearish at 41.

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