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EUR/USD hovering over 1.2875/80

FXstreet.com (Barcelona) - The shared currency is now attempting a rebound to the area of 1.2880, bouncing off lows in the proximities of 1.2850.

Moving forward to Wednesday’s docket in the euro area, Spanish Retail Sales are due followed by the German unemployment rate and EMU’s M3 Money Supply and Private Loans. A measure of the Italian Business Confidence will come next preceding the German inflation figures. In addition, there will be a Spanish auction of 10-year Obligaciones.

As of writing the pair is losing 0.45% at 1.2871 with the next support levels located at 1.2821 (low May 23) followed by 1.2809 (low May 20) and then 1.2796 (low May 17). On the flip side, a break above 1.2939 (hourly high May 28) would bring 1.2986 (MA21d) and finally 1.2994 (high May 24).

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