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Forex: EUR/USD bouncing off 1.2990

FXstreet.com (Barcelona) - The steep correction from the vicinity of the 1.3100 handle found buying interest around 1.2985/90 on Thursday, lifting the cross to the current area of 1.3000/10.

“We have changed our ECB rates view: we are now forecasting a 25bp rate cut next week… Our previous call was for the benchmark refi rate to remain at 0.75% until mid-2014 at least. We do not expect the ECB to take the deposit rate below zero as this may have unintended side-effects and thus will remain in reserve for worse case scenarios”, assessed Elwin de Groot, Analyst at Rabobank.

As of writing, the cross is losing 0.03% at 1.3011 with the next support at 1.3130 (high Apr.19) ahead of 1.3202 (high Apr.16) and finally 1.3229 (50% of Feb-Apr slide).
On the downside, support levels line up at 1.2997 (MA21d) ahead of 1.2954 (low Apr.24) and then 1.2944 (MA200d).

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