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EUR/USD failed to recover before PMI

FXStreet (Moscow) - EUR/USD was showing some shy attempts of a rebound from weekly low at 1.2632 posted in Asia to 1.2646 at the European open; however, it had to retreat back to current 1.2630 again.

As the market already forgot about the ECB intention to buy corporate bonds, and possible failure to pass stress-tests by 11 European banks, the investors’ attention turns to PMI reports scheduled for today. The most interesting of all is the German release, since the Manufacturing index has already broken below 50-point boom/bust level. If the indicator continued to drift lower, it may fuel the expectations of more easing from the ECB, and trigger the euro sell-off again sending the pair back to initial support at 1.2612.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2676, with support below at 1.2612, 1.2572 and 1.2508, with resistance above at 1.2716, 1.2780 and 1.2820. Hourly Moving Averages are bearish, with the 200SMA at 1.2730 and the daily 20EMA bearish at 1.2747. Hourly RSI is bearish at 32.

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