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Forex: EUR/USD clings to 1.3000

FXstreet.com (Barcelona) - The shared currency keeps meandering around the key mark at 1.3000 on Wednesday, as the markets remain slightly tilted to the risk-on trade so far.

Against the backdrop of the increasing chat regarding a rate cut by the ECB next week, the FX research team at BBH commented, “The key rate in the euro area is not really the refi rate, but the deposit rate. The deposit rate is at zero and there is no indication that the ECB is seriously contemplating bringing this into negative territory”.

The cross is now losing 0.02% at 1.2994 with the immediate support at 1.2972 (MA21d) ahead of 1.2963 (low Apr.8) and then 1.2940 (MA200d).
On the flip side, a surpass of 1.3085 (high Apr.23) would clear the way to 1.3130 (high Apr.19) and finally 1.3202 (high Apr.16).

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