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Forex: EUR/USD eases from 1.3000

FXstreet.com (Barcelona) - The shared currency is trading below the key limestone at 1.3000 on Wednesday, ahead of the German IFO series due later. According to prior surveys, all of the components are expected to come in lower for the month of April, reflecting the ongoing concerns of the economic growth in the euro area.

“The IFO index will be released today and if consistent with the PMI data will only reinforce the positioning for an ECB rate cut next week. As we expected, the euro is holding up given the offsetting forces – the US is also slowing and the BOJ has eased aggressively”, commented Derek Halpenny, Strategist at BTMU.

EUR/USD is losing 0.02% at 1.2994 with the next support at 1.2972 (MA21d) followed by 1.2963 (low Apr.8) and then 1.2940 (MA200d).
On the upside, a break above 1.3085 (high Apr.23) would open the door to 1.3130 (high Apr.19) and finally 1.3202 (high Apr.16).

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The NZD/USD has solidified its grip on the 0.8400 level Wednesday, surging to session highs during European trading after receiving a welcome boost from the RBNZ. In these moments the cross is steadfastly approaching resistance, settling at 0.8446/53 and recording a gain of +0.64% thus far.
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The AUD/NZD plummeted overnight and into the Wednesday session as news out of Australia and New Zealand dominated the headlines. Technically speaking, the pair is in lousy shape, having entrenched itself in negative territory and establishing session lows in these moments at 1.2117/24.
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