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Forex: EUR/USD in red around 1.3075/80

FXstreet.com (Barcelona) - The shared currency keeps the negative ground on Tuesday, as market participants remain biased towards safer assets ahead of today’s releases in the US economy: home prices measured by the S&P/Case-Shiller index are expected to rise 9.0% in February while April’s Consumer Confidence is expected to have improved to 60.8 from 59.7.

In light of the next ECB meeting on Thursday, Greg Gibbs, FX Strategist at RBS commented, “It is not clear if a 25bp cut will have any influence on EUR… There is probably more the ECB could do. It could attempt to emulate the Fed’s communication strategy of low for longer with some thresholds and forecast horizons. This would have some shock value. But it’s just not their style”.

The cross is now losing 0.17% at 1.3077 and a breakdown of 1.3029 (MA21d) would expose 1.2988 (low Apr.25) and finally 1.2958 (MA200d).
On the flip side, resistance levels line up at 1.3130 (high Apr.19) ahead of 1.3158 (MA100d) and then 1.3202 (high Apr.16).

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The shared currency fell on Tuesday after data showed inflation in the eurozone dropped to a 3-year low while unemployment rose to a record high.
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