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EUR/USD ignores IFO data – not far from 1.27

FXStreet (Moscow) - EUR/USD tried to attack 1.27 resistance before the IFO data, and slid to 1.2690 as the data was released.

Recent positive developments seen in German reports made the market wait for some positive surprises from IFO. However, the news was not optimistic at all. Expectations index came out at 98.3 vs 98.9 expected, reaching the level not seen from December 2012. Current Assessment indicator slid to 108.4 vs 110.0 forecast, confirming the business is still worried about the geopolitical tensions with Russia. Meanwhile, the euro preferred to ignore the data, trading at 1.2690 at the moment. It looks like the breakout of 1.27 is bound for failure, and if so, the pair may retreat to the nearest support located around 1.2638.

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 60.

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