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EUR/USD bounces off 1.3020

FXstreet.com (Barcelona) - Selling interest put the bloc currency under pressure earlier, dragging the pair to the area of 1.3015/20 on Friday, although picking up pace afterwards.

In light of the EMU’s preliminary inflation figures due later, Strategist Derek Halpenny at BTMU commented, “The ECB will give its updated forecasts next week and any further drop in the 2014 forecast from the current 1.3% would keep the ECB under pressure to ease further. The EUR/USD rally back above 1.3000 is unlikely to advance much further”.

At the moment EUR/USD is down 0.11% at 1.3034 and a break below 1.2965 (MA21d) would target 1.2934 (low May 30) en route to 1.2931 (MA10d). On the other hand, resistance levels line up at 1.3062 (high May 30) ahead of 1.3072 (61.8% of 1.3243-1.2796) and then 1.3114 (MA100d).

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