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EUR/USD back above 1.2500, ECB in focus

FXStreet (Moscow) - EUR/USD  started the day at 1.2485 and managed to get back above 1.2500 pivot; currently the pair is trading at 1.2520, off the Asian high at 1.2530.

EUR/USD touched new low at 1.2457 on Wednesday where the bearish dynamic stalled. The pair managed to stage a recovery, but early Asian gains driven by USD weakness across the board were curtailed by lack of follow through at 1.2530 resistance level Obviously, investors are not keen on gambling with Draghi. Markets hope to here some dovish undertones in his comments and to find some hints on further stimulus in the statement. If their hopes are betrayed, EUR may find its way higher across the board, though the reaction of EUR/USD may be limited by 1.2600 due to underlying USD strength. A strong support comes at 1.2472 (intraday Asian low) and at 1.2400 with option barrier and strong demand on approach

What are today’s key EUR/USD levels? 

Today's central pivot point can be found at 1.2503, with support below at 1.2437, 1.2392 and 1.2326, with resistance above at 1.2548, 1.2614 and 1.2659. Hourly Moving Averages are bearish, with the 200SMA bearish at 1.2601 and the daily 20EMA bearish at 1.2644. Hourly RSI is bullish at 59.

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