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Forex: EUR/USD dips to lows around 1.3050/55

FXstreet.com (Barcelona) - The shared currency dropped to the boundaries of 1.3050 on Wednesday, as the momentum surrounding the euro continues to shrink.

“Prices continue to push higher after putting in a bullish Harami candlestick pattern. Buyers are targeting the 23.6% Fibonacci expansion at 1.3139, with a break above that exposing the 38.2% level at 1.3383. Trend line resistance-turned-support is at 1.2969. A reversal back beneath that aims for 1.2763”, explained I.Spivak, Currency Analyst at DailyFX.

At the moment, the cross is down 0.16% at 1.3062 and a breakdown of 1.3006 (low Apr.9) would then target 1.2963 (low Apr.8) en route to 1.2928 (MA10d).
On the upside, the immediate resistance lies at 1.3135 (high Mar.8) ahead of 1.3163 (high Feb.28) and then 1.3229 (50% of Feb-Apr slide).

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