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Forex: EUR/USD consolidates losses below 1.3000

FXstreet.com (Barcelona) - The selling interest remains intact amongst euro traders on Tuesday so far, as the single currency is unable to gather any traction to leave the current lows around 1.2980.

“The European morning session has been fairly eventful with the release of the Eurozone flash PMIs the highlight. Market expectations of an ECB rate cut increased following the weaker than expected German numbers. We continue to expect the ECB’s next couple of decisions to remain on a knife-edge and expect that following today’s data, there continues to be around a 40-45% chance of an ECB rate cut next month”, suggested the research team at TD Securities.

EUR/USD is down 0.59% at 1.2990 and a drop below 1.2972 (MA21d) would aim for 1.2963 (low Apr.8) en route to 1.2936 (MA200d).
On the upside, resistance levels are located at 1.3085 (high Apr.23) ahead of 1.3130 (high Apr.19) and finally 1.3202 (high Apr.16).

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