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Forex: EUR/USD threatening 1.2900

FXstreet.com (Barcelona) - The shared currency is extending its correction lower from Thursday’s highs in the boundaries of 1.2950, currently challenging the key support of 1.2900, ahead of the EMU GDP figures for the first quarter due later.

“The U.S. Non-Farm Payrolls report highlights the biggest event risk over the next 24-hours of trading, we may see the EURUSD consolidate going into the end of the week, and a positive employment report may limit advances in the EURUSD as it dampens the Fed’s scope to expand the balance sheet further”, commented David Song, Currency Analyst at DailyFX.

At the moment, the cross is losing 0.19% at 1.2910 and a dip beyond 1.2893 (MA200d0 would expose 1.2849 (MA10d) en route to 1.2747 (low Apr.4).
On the upside, resistance levels align at 1.2949 (high Apr.4) ahead of 1.3050 (high Mar.25) and then 1.3107 (high Mar.15).

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