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Forex: EUR/USD eyes 1.2880 as risk aversion eases

FXstreet.com (Barcelona) - The shared currency is prolonging its bounce from session lows, currently heading to the 1.2880 level as risk aversion is taking a breather.

“My belief is that the Euro-zone economy will continue to struggle through the middle of the year in the lead up to the German election… We might see another rate cut by the ECB between now and then, but if the region’s policy transmission mechanism is truly broken, only a wave of QE… and fiscal stimulus – coordinated policy action – will help the region”, assessed Christopher Vecchio, Currency Analyst at DailyFX.

At the moment, the pair is losing 0.33% at 1.2877 with the next support at 1.2747 (low Apr.4) followed by 1.2679 (61.8% of 1.2042-1.3711) and then 1.2662 (low Nov.13).
On the flip side, a break above 1.2943 (high May 15) would expose 1.3030 (high May 14) and finally 1.3048 (MA21d).

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