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Forex: EUR/USD back to 1.3050

FXstreet.com (Barcelona) - The shared currency found buying pressure that lifted the cross back to the mid 1.3000s on Monday, trimming earlier losses.

In light of the next ECB meeting, and with market chat building up regarding a rate cut, analysts at NAB commented, “we remain less convinced and believe that further evidence of a worsening in economic activity or a return of severe dislocation in the periphery would be the catalyst for a rate cut”.

EUR/USD is now retreating 0.20% at 1.3050 with the next support at 1.3015 (low Apr.22) followed by 1.3001 (low Apr.17) and finally 1.2969 (MA21d).
On the flip side, a break above 1.3130 (high Apr.19) would open the door to 1.3202 (high Apr.16) and then 1.3229 (50% Feb-Apr slide).

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