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EUR/USD back below 1.27 before IFO data

FXStreet (Moscow) - EUR/USD had to retreat from Asian high at 1.2714, currently trading around 1.2685 area.

The pair had to give up part of the gains it got on positive ECB stress-test data. However, the euro still have a chance to come back above 1.27. The recent positive readings out of Germany revived the hopes the largest European economy has overcome the worst period, and the negative effect from the conflict with Russia is starting to wane. The better than expected Manufacturing PMI, and Gfk Consumer Confidence could have been the first signals. If today’s IFO report proves the same positive tendency, the pair may see additional demand. The initial target to the upside may be located at 1.2728 resistance.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2667, with support below at 1.2638, 1.2606 and 1.2577, with resistance above at 1.2699, 1.2728 and 1.2760. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2726 and the daily 20EMA bearish at 1.2731. Hourly RSI is bullish at 56.

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