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Forex: EUR/USD retreats from highs

FXstreet.com (Barcelona) - After hitting the area of 1.2880 overnight – home of the 200-day moving average – the singe currency initiated a correction lower, returning to the current levels of 1.2855/60 ahead of the Spanish Unemployment Change due later. Prior surveys expect the jobless to rise by 30.2K during the month of March.

Ahead in the day, the final figures of the manufacturing PMI prints will also be released in the euro zone members.

At the moment, the cross is up 0.05% at 1.2857 facing the next resistance at 1.2888 (MA200d) followed by 1.2890 (highMar.26) and finally 1.2901 (MA10d).
On the flip side, a breakdown of 1.2751 (low Mar.27) would open the door to 1.2730 (low Nov.19) and finally 1.2680 (61.8% of 1.2042-1.3711).

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