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EUR/USD closing the week around 1.2925/30

FXstreet.com (Barcelona) - The shared currency is reverting a 2-week losing streak, gyrating around 1.2925/30 after hitting weekly highs in the boundaries of 1.3000 the figure.

The euro managed quite well despite the Fed may slow down the pace of its monthly bond buying and the rumours about the likeliness of another rate cut by the ECB in June. Camilla Sutton, Strategist at Scotiabank, confirm the bank’s neutral bias on the cross in the short-term, adding, “EUR studies suggest that downside pressure is evaporating, with the MACD moving towards a buy signal, the RSI at 50 and flirting with a break below. EUR appears quite comfortable within its recent range of 1.2750 to 1.350”.

The pair is retreating 0.04% at 1.2927 and a break below 1.2900 (MA10d) would accelerate the decline towards 1.2821 (low May 23) and then 1.2809 (low May 20). On the upside, resistance levels align at 1.2998 (high may 22) followed by 1.2999 (MA21d) and finally 1.3030 (high May 14).

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