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EUR/USD targets to refresh October lows before CPI data

FXStreet (Moscow) - EUR/USD is fighting with 1.2550/40 area of resistance before the CPI data.

The euro looks weak, and is showing some attempts to refresh October lows before the EMU data. Yesterday, German inflation data disappointed the market, as most of the largest states printed negative CPI supporting the view the deflationary pressure is still here. If today’s inflation reports out of the EMU come out weaker than expected, it may convince the market that the ECB will have to step in with additional stimulus at the next meeting. Given the recent moves from the BOJ this is especially euro-bearish, and may send the pair to initial support at 1.2507.

What are today’s key EUR/USD levels?

Today's central pivot point can be found at 1.2600, with support below at 1.2507 and 1.2468, with resistance above at 1.2654, 1.2693 and 1.2747. Hourly Moving Averages are bearish, with the 200SMA at 1.2684 and the daily 20EMA bearish at 1.2709. Hourly RSI is bearish at 30.

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