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Forex: EUR/USD in 6-week lows below 1.2900

FXstreet.com (Barcelona) - The bloc currency is accelerating its intraday descent on Wednesday, piercing for a few moments the key support at 1.2900 and posting fresh weekly lows at the same time.
The negative trend predominates in the single currency after the poor data from both German and French flash GDP figures during the first quarter have disappointed investors.

“Note that momentum is neutral. Despite USD rebounds, little has changed. Short-term price action still fits with the broader theme of corrections within broad consolidation. 1.2940 should continue to hold (stops below 1.2875) amidst bias for a squeeze towards 1.33 (before any deeper pullbacks emerge)”, assessed Tim Riddell, Head of Global Markets Research at ANZ.

The cross is now retreating 0.20% at 1.2893 and a dip beyond 1.2864 (76.4% of 1.2747-1.3243) would open the door to 1.2747 (low Apr.4) and finally 1.2679 (61.8% of 1.2042-1.3711).
On the flip side, resistance levels line up at 1.2943 (high May 15) followed by 1.3030 (high May 14) and then 1.3048 (MA21d).

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