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Forex: EUR/USD retreats to the area of 1.2930

FXstreet.com (Barcelona) - The single currency is intensifying its correction lower after climbing to the boundaries of 1.3000 in the European midday. At the same time, pessimism surrounding the euro remains intact, as the situation in Cyprus is far from solved.

Moving forward to Tuesday’s docket in the euro area, Spain will sell 3-month Letras ahead of the EMU’s Construction Output, preceding the more relevant ZEW Survey in Germany and the EMU.

At the moment, the cross is down 1.06% at 1.2937 with the next support at 1.2882 (low Mar.18) ahead of 1.2878 (m[in. dic.7) and finally 1.2872 (MA200d).
On the flip side, a breakout of 1.3094 (MA21d) would expose 1.3129 (MA100d) and then 1.3135 (high Mar.8).

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