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Forex: EUR/USD back below 1.2900

FXstreet.com (Barcelona) - The bull run in of the shared currency seems to have stalled in the vicinity of 1.2930 on Thursday, as the cross is now giving some ground to sub 1.2900 levels.

In the view of Stephen Gallo, Strategist at BMO, “We remain of the view that this latest move higher in the USD may take some “heavy lifting” in terms of economic data flow or monetary policy “speak” to restrain. Moreover, we also get a sense that the inflation data may actually do very little to inhibit USD strength until key policy makers start expressing concerns about its weakness”.

As of writing, the cross is up 0.04% at 1.2891 with the next hurdle at 1.2943 (high May 15) followed by 1.3030 (high May 14) and then 1.3050 (MA30d).
On the flip side, a break below 1.2843 (low May 15) would open the door to the psychological mark at 1.2800 and finally 1.2740 (2013 low Apr.14).

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