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EUR/USD fighting with 1.27 – resistance or support?

FXStreet (Moscow) - EUR/USD balanced around 1.27 key level, and finally pushed above 1.27 in early Europe, reaching current 1.2712.

The pair has made several attempts to settle above 1.27, using the USD weakness as the opportunity to recover part of its losses. Disappointing data out of the EMU is mostly ignored by the market, as euro zone weakness doesn’t surprise anybody. However, negative surprises from the US reports may be used again as the opportunity to go higher. Durable goods and Consumer Sentiment reports may be in focus tonight, and weak readings may push the pair further with initial target at 1.2755.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2696, with support below at 1.2667, 1.2637 and 1.2608, with resistance above at 1.2726, 1.2755 and 1.2785. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.2729 and the daily 20EMA bearish at 1.2728. Hourly RSI is bullish at 55.

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