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EUR/USD sticks to the range

FXStreet (Moscow) - EUR/USD posted intraday high at 1.2664, before reversing the move to current 1.2640.

The euro got some help from yesterday’s better than expected EMU PMI data, proving the economy is still showing growth. The releases dispelled the fears that Germany may slip to technical recession in the nearest quarters. However, a single report is not enough to convince the ECB no more stimulus is needed. It means the euro is still fragile in absence of stronger evidence that the recent monetary authorities actions helped to revive the economy. Thus, the pair may continue consolidating within a narrow range with immediate support located at 1.2612, while the upside may be limited by 1.2677 resistance.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2646, with support below at 1.2612, 1.2572 and 1.2508, with resistance above at 1.2677, 1.2709 and 1.2740. Hourly Moving Averages are bearish, with the 200SMA at 1.2728 and the daily 20EMA bearish at 1.2738. Hourly RSI is bearish at 46.

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EUR/USD trading slightly up today close to 1.2660 - FXStreet

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