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EUR/USD bears woke up and pushed the pair towards 1.2532

FXStreet (Moscow) - EUR/USD  is locked in a narrow range limited by 1.2567 on the upside and 1.2532 on the downside. Trading activity is depressingly slow, but the bearish sentiments prevail.

EUR/USD staged a good recovery on Tuesday. The pair pair finished the day with nearly 100-pips gain on the back of technical and speculative factors, while macroeconomic picture remains gloomy and negative for the single currency. Today Eurozone publishes Service PMI reports and retail sales data, though the news has rather low market moving potential as investors are focused exclusively on ECB monetary policy meeting. It is hard to expect sharp EUR movements ahead of this risk event. From the technical point of view, the nearest strong resistance comes at 1.2590/00 area with offers on approach and rather large option barrier. A sustained break above might trigger more gains towards 1.2640. On the downside the support is seen at 1.2525 and 1.2500.

What are today’s key EUR/USD levels? 

Today's central pivot point can be found at 1.2534, with support below at 1.2491, 1.2436 and 1.2393, with resistance above at 1.2589, 1.2632 and 1.2687. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2621 and the daily 20EMA bearish at 1.2661. Hourly RSI is bullish at 53.

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