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Forex: EUR/USD kept below 1.2880

FXstreet.com (Barcelona) - Early European weakness sent the EUR/USD lower to 1.2840 before bouncing to 1.2880 after the opening. That area is keeping the market from further gains. For now, the pair remains subdued to the lowest prices in 2013. The French consumer confidence report for March points to a drop from 86 to 84, below the 85 consensus.

ECB’s Couere said he doesn’t agree with Dijsselbloem and the Cyprus bailout is not a new model for Europe, adding that there’s no reason to think French banks have the same problem as Cyprus. Also, he indicated that the troubles in Cyprus only show the need for ECB to be independent supervisor of banks in Europe.

The economic calendar will be more interesting on the US side: “For durable goods we expect a 4.0% increase and 1.0% rise ex-transport, but a 1.0% fall in core. Then US S&P/CS Index we see a below consensus 0.70% m/m increase in January”, wrote TD Securities analyst Annette Beacher, pointing also March Consumer confidence at 71.0 and New Home sales at 410K in February.

“The EUR/USD currency pair renewed its minimums and may continue falling down towards the level of 1.2700. We think today the price may consolidate inside a narrow range near the level of 1.2860”, wrote Roboforex.com analyst Igor Sayadov, expecting then a continuation pattern and downward movement.

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