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Forex: EUR/USD finds support at 1.2980

The single currency keeps hovering hover weekly lows around 1.2980/85 on Wednesday, in a context dominated by the risk aversion as we get closer to tomorrow’s ECB monthly meeting.

Camilla Sutton, Chief Currency Strategist at Scotiabank, coincides with the broader market consensus and expects the ECB to leave the refi rate intact at 0.75%, focusing however on Draghi’s presser. “Accordingly, though we expect that President Draghi ultimately turns more dovish and weighs on EUR; we expect that tomorrow’s press conference is in line with February’s”, remarked the expert.

EUR/USD is now down 0.51% at 1.2984
Next support levels align at 1.2966 (2013 low Mar.1) followed by 1.2929 (low Dec.11).
On the upside, a breakout of 1.3075 (high Mar.5) would expose 1.3080 (MA10d) and then 1.3101 (high Mar.1).

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