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Forex: EUR/USD around 1.2830/35

FXstreet.com (Barcelona) - Back to square one for the single currency, hovering over 1.2830/35 and retracing most of Wednesday’s gains, ahead of a batch of services PMI prints in the euro zone and the monthly ECB gathering.

“The press conference should be a busy one, with Draghi getting questions on the disappointing Eurozone survey data, whether some ECB members are still pushing for rate cuts, the Cypriot crisis and capital controls, contagion into Slovenian debt and worries of deposit flight elsewhere, and uncertainties over the Italian elections”, commented the research team at TD Securities.

At the moment, the cross is down 0.14% at 1.2829 with the immediate support at 1.2751 (low Mar.27) followed by 1.2730 (low Nov.19) and then 1.2680 (61.8% of 1.2042-1.3711).
On the upside, a break above 1.2878 (high Apr.2) would aim for 1.2890 (MA200d) and finally 1.2924 (MA21d).

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