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Forex: EUR/USD extends the decline

FXstreet.com (Barcelona) - It seems the single currency found a bottom for its correction lower so far, as buying interest seems to emerge around the 1.3130 region.

Against the backdrop of renewed weakness surrounding the risk associated assets, analysts at BBH linked today’s softer tone to the technical space amongst others, as the euro, sterling and Canadian dollar failed to follow through key resistance levels.

“Perhaps it is growing signs that despite the softness in the US economy, conditions elsewhere continue to deteriorate. Whatever the combination, it does appear that Tuesday’s bounce in the foreign currencies has been exhausted for now and near-term dollar gains seem likely”, concluded the experts.

At the moment, the cross is losing 0.35% at 1.3130 and a breakdown of 1.3120 (MA55d) would expose 1.3070 (MA10d) and finall7 1.3028 (low Apr.16).
On the upside, resistance levels align at 1.3203 (high Apr.16) ahead of 1.3229 (50% of Feb-Apr.slide) and finally 1.3319 (high Feb.25).

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