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Forex: EUR/USD falters around 1.3040

FXstreet.com (Barcelona) - After another failed attempt to reach 1.3040, the single currency run out of steam and returned to the area of 1.3020/25, as the risk appetite continues to rule the markets.

In the wake of the US GDP release, Currency Analyst Christopher Vecchio at DailyFX commented, “The big question is whether or not the missed initial 1Q’13 GDP print could spur a shift in the Federal Reserve’s recently neutral tone…. At this point in time, and given the reaction by the US Dollar, the answer remains no; that is, the Fed is unlikely to view that 1Q’13 GDP print as a material miss, and instead, will continue to monitor inflation and the labour market as the cues for withdrawing stimulus”.

At the moment, the pair is up 0.10% at 1.3025 facing the next resistance at 1.3094 (high Apr.25) ahead of 1.3130 (high Apr.19) and then 1.3202 (high Apr.16).
On the flip side, a breach of 1.2988 (low Apr.25) would the target 1.2954 (low Apr.24) en route to 1.2948 (MA200d).

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