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EUR/USD in lows around 1.2980

FXstreet.com (Barcelona) - The shared currency has intensified its intraday decline on Friday, falling to fresh lows in the boundaries of 1.2980 after EMU data.

Preliminary consumer prices in the euro area rose a tad to 1.2% YoY in terms of the Core reading, while the unemployment rate came in softer during the same period, ticking higher to 12.2% from 12.1%. “For varying reasons, we remain constructive on the prospects for the euro… However, the low level of US inflation may add an extra dimension to suggest that EUR/USD could be poised to move higher”.

The pair is now losing 0.48% at 1.2986 and a violation of 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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