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Forex: EUR/USD bouncing off 1.3050

FXstreet.com (Barcelona) - The single currency seems to have found buying interest in the vicinity of 1.3050 on Friday after its correction lower from highs around 1.3130, bouncing to the current area of 1.3065/70.

“The weakness of growth in the Eurozone is likely to be highlighted by next week’s round of April PMI data. Insofar as this is set to stir speculation that the ECB could cut interest rates in the coming months, the EUR is likely to be on the back foot… we still expect to see the EURUSD1.29 level on a 1 mth view”, commented Strategist Jane Foley at Rabobank.

EUR/USD is up 0.15% at 1.3070 with the next hurdle at 1.3202 (high Apr.16) en route to 1.3229 (50% of Feb.-Apr. slide) and finally 1.3319 (high Feb.25).
On the flip side, a break below 1.3048 (low Apr.19) would aim for 1.3001 (low Apr.17) and then 1.2967 (MA2d).

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