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Forex: EUR/USD muted around 1.2835/40

FXstreet.com (Barcelona) - The bloc currency remains in the red territory on Tuesday, orbiting around 1.2835/40 after failing to follow through the key level of 1.2880/5 overnight – where sits the 200-day moving average.

In the view of Christin Tuxen, Senior Analyst at Danske Bank, “Adding to the picture of EUR moving out of favour on a more structural note was the release last week of the quarterly COFER data from the IMF showing developing countries dumping the euro from their FX reserves. We think the euro could be in for another tough week ahead of Thursday’s ECB meeting as the possibility of rate cuts will remain a key discussion point”.

EUR/USD is now losing 0.11% at 1.2833 facing the next support at 1.2751 (low Mar.27) ahead of 1.2730 (low Nov.19) and finally 1.2680 (61.8% of 1.2042-1.3711).
On the flip side, a break above 1.2886 (MA200d) would expose 1.2890 (high Mar.26) and finally 1.2943 (MA21d).

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