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Forex: EUR/USD recovering ground, eyes on 1.3090

FXstreet.com (Barcelona) - The bloc currency is gathering traction after the opening bell in Europe on Monday, climbing to the boundaries of 1.3090, as risk appetite seems to be back among traders.

“The US economic deceleration is becoming more visible, providing relief to EUR. Momentum could extend to 1.32 near term but with Italy still a long way from stable government and ECB members sounding more dovish”, suggests Sean Callow at Westpac.

EUR/USD is now down 0.22% at 1.3088 with the next support at 1.3036 (low Apr.12) ahead of 1.3006 (low Apr.9) and finally 1.2980 (MA10d).
On the flip side, a breakout of 1.3138 (high Apr.11) would expose 1.3140 (MA55d) and then 1.3150 (MA100d).

Forex Flash: EUR/USD to resume down move after failing at 1.3135 - Commerzbank

The EUR/USD failed at its 55 day ma at 1.3135 but current indications maintain that the market will fail here (Elliott wave count and TD perfection set-up) and “we look for the resumption of the down move”, according to Commerzbank analysts. “We suspect loss of the 12th April low at 1.3036 should be enough to de-stabilize the chart near term. Intraday the market should then find initial support circa 1.2995/47 and the 200 day ma at 1.2913”, wrote analyst Karen Jones, pointing to key support at 1.2679/61 (61.8% Fibonacci retracement of the July- to-January rise and the November 2012 low). “Longer term we remain negative and target the 78.6% Fibonacci retracement at 1.2400 and then 1.2042, the 2012 low”, she added.
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