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Forex: EUR/USD finds support around 1.3040

FXstreet.com (Barcelona) - After bottoming in the boundaries of 1.3040, buying interest is now lifting the cross to the current area of 1.3065/70 ahead of US retail sales and Chairman Bernanke’s speech.

According to analysts at BBH, “Intra-day technical studies are over-extended, but chart support is not seen until $1.2980-$1.3000. That the heavy tone in the euro persisted despite news that February euro area industrial production rose 0.4%, twice the consensus, is consistent with the idea that position adjusting rather than fundamental developments are behind today's price action”.

The cross is now losing 0.28% at 1.3063.
Next support levels align at 1.3044 (low Apr.11) followed by 1.3006 (low Apr.9) and then 1.2980 (MA10d).
On the upside, a surpass of 1.3138 (high Apr.11) would open the door to 1.3140 (MA55d) and finally 1.3150 (MA100d).

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