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Forex: EUR/USD in weekly lows around 1.3040/45

FXstreet.com (Barcelona) - The shared currency is intensifying its intraday correction on Thursday, from highs around 1.3215 to the current area of 1.3040/45, printing weekly lows at the same time.

In the wake of the ECB meeting, Analyst Richard Kelly at TD Securities commented, “ECB cuts rates as expected, opens the door once again to a negative deposit rate if the data deteriorates, but limits expectations on further significant liquidity support to help credit and SME markets”.

As of writing, the cross is losing 1.00% at 1.3047 and a breach of 1.2988 (low Apr.25) would expose 1.2968 (MA200d) and finally 1.2954 (low Apr.24).
On the flip side, resistance levels align at 1.3220 (high May 2) followed by 1.3232 (daily cloud top) and then 1.3243 (high May 1).

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