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Forex: EUR/USD trims losses, still below 1.3100

FXstreet.com (Córdoba) - After finding support at the 1.3035 area, the euro managed to trim intraday losses against the greenback after data showed US retail sales unexpectedly declined in March and amid news the Eurogroup gave green light to a €10 billion loan to Cyprus.

However, the recovery of EUR/USD has been so far capped by the 20-hour SMA at the 1.3090 area. At time of writing, EUR/USD is trading around 1.3080, still down 0.1% on the day.

"As long as buying interest around mentioned 1.3040 remains intact, current dips are seen as short term buying opportunities", says Valeria Bednarik, chief analyst at FXstreet.com. Bednarik sees next supports at 1.3040, 1.3000 and 1.2970, while she places resistances at 1.3115, 1.3150 and 1.3185.

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