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Forex: EUR/USD dips to lows around 1.3040

FXstreet.com (Barcelona) - The selling interest in the bloc currency intensified after the opening bell in London, dragging the cross to fresh intraday lows in sub 1.3040 levels so far.

Against the backdrop of the Italian elections, Currency Analyst Lee Hardman at BTMU commented, “President Napolitano is expected to soon try to form a technocratic government with twice prime minster Amato likely nominated to lead. The Presidential vote split the PD party with leader Bersani resigning. The main beneficiaries are likely to be Berlusconi’s PDL party and the Five Star Movement if a potential technocratic government proves short-lived”.

At the moment, the cross is losing 0.27% at 1.3041 and a breakdown of 1.3032 (hourly lows Apr.22) would open the door to 1.3001 (low Apr.17) and finally 1.2969 (MA21d).
On the flip side, resistance levels line up at 1.3130 (high Apr.19) ahead of 1.3202 (high Apr.16) and 1.3229 (50% Feb-Apr slide).

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