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EUR/USD tests 1.25 support on weaker German data

FXStreet (Moscow) - EUR/USD opened the day at 1.2544, posted 1.2566 session high, and never stopped falling ever since.

Today is the day of Service PMI reports, and the pair may react both to the European indexes, and to the US ISM. The EMU data is on the brink of sliding to recession zone, as some countries has already shown indicators below 50-point boom/bust level. However, today only French index came out below the mentioned waterline. German report was of special interest, as we have seen underlying weakness from the largest European economy recently. The Index was slightly below expectations at 54.4 vs 54.8, and it put the pair under additional pressure sending to current 1.2496. If 1.25 support area breakout is confirmed, we may see the move lower to 1.2436.

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 1.2619 and the daily 20EMA bearish at 1.2661. Hourly RSI is bearish at 34.

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