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Forex EUR/USD retests and fails at highs on EMU supply

FXstreet.com (Barcelona) - The Eurozone money supply report is out and allowed the EUR/USD to retest its daily highs, just below the 1.3050 line. A daily close at 1.3050 would finish the week at its opening price, signaling a Doji candle. However, ECB’s report about peripheral countries is hurting the upside.

The ECB said Spanish banks bought €15.8B of government bonds in March, while sovereign bond buying by banks in Italy rose €10.8B in March. Also, deposits rose in Portugal, Spain, Italy and Slovenia, but fell by 3.9% in Cyprus in March.

EMU money supply is out, easing in March from 3.4% to 3.0% (3m) and from 3.1% to 2.6% (YoY), below 3.0% consensus. Private loans fell -0.8% as expected, like in February (revised lower, from -0.9%).

German import prices report was already published, at -0.1% (MoM) and -2.3% (YoY), less contracting than the expected -0.2% and -2.4%, respectively. French consumer confidence remains unchanged at 84.

“The reversal at 1.3093 signals, that the downtrend from 1.3200 is still underway and my outlook here is bearish, for a break through 1.3000, en route to 1.2900 area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to key intraday resistance at 1.3057.

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