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EUR/USD leaves 1.26 pivot behind, new lows in focus

FXStreet (Moscow) - EUR/USD went on moving lower in early Europe, currently trying to settle below 1.26 pivot.

The pair is depressed, and may extend the downside towards 1.2550 with medium demand on approach once it succeeds with 1.2584 support breakout. The euro today will get new food for thoughts in form of the German Unemployment report. The recent data showed mixed results pointing to a possible recovery after several months of weakness in business activity. However, the latest IFO economic expectations index slid to almost 2-year low confirming the corporate sector is still afraid of the negative effect of geopolitics. Today’s report may add to the overall picture of the largest European economy. Worse than expected data may push the pair lower with initial target at 1.2550.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2684, with support below at 1.2584, 1.2537 and 1.2443, with resistance above at 1.2725, 1.2819 and 1.2866. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2706 and the daily 20EMA flat at 1.2719. Hourly RSI is bearish at 21.

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