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EUR/USD recovering from multi-year lows; still under 1.2500

FXStreet (Moscow) - EUR/USD  reached new multi-year low at 1.2440 early in Asia after having started the day at 1.2513; currently the pair is trading at 1.2484, though the upside momentum remains weak.

EUR/USD had the second bearish weekly close in a row on the back of USD growth across the board. The American currency has been much popular with investors lately as they are preoccupied with rate differential theme. Looming ECB’s meeting (on Thursday), might keep EUR under pressure, though on the intraday basis the pair may be influenced by US Manufacturing ISM report that is expected to come out slightly weaker, at 56.2 against 56.6 in September. ISM prices paid component might be in focus as it is considered to be a leading indicator for future inflation. Weaker than expected numbers might halt USD ascent for the time being. From the technical point of view, dip below 1.2440 (Asian low) would open the way towards 1.2400 pivot with medium demand on approach, on the upside the resistance is seen at 1.2500 with strong option barrier.

What are today’s key EUR/USD levels? 

Today's central pivot point can be found at 1.2543, with support below at 1.2468, 1.2411 and 1.2336, with resistance above at 1.2600, 1.2675 and 1.2732. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2660 and the daily 20EMA bearish at 1.2692. Hourly RSI is bearish at 33.

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