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EUR/USD slipped below 1.27 pressured by Riksbank move

FXStreet (Moscow) - EUR/USD got under pressure from rising demand on the USD; currently, it’s trading at 1.2690.

The pair had a perfect morning settling above 1.27 in early Asia. However, the news about the Sweden’s central bank cutting rates to zero revived the demand on less riskier assets. The key reason the Riksbank named in its statement was very low inflation that could drive the Nordic economy onto deflationary spiral. The move of the regulator reminded the market of the same problems within the euro zone, and sent the pair below 1.27. If the fears keep growing, it may push the pair further down with initial target at 1.2667.

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 1.2728 and the daily 20EMA bearish at 1.2728. Hourly RSI is bearish at 48.

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