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Forex: EUR/USD rebounds to 1.2960/65

FXstreet.com (Barcelona) - After dipping to levels last seen in early April around 1.2930, the single currency is attempting a tepid bounce to the current 1.2960/65 region, although the context remains absolutely tilted to the risk aversion.

Camilla Sutton, Strategist at Scotiabank, underlines the neutral outlook on the cross, arguing “studies are shifting from buy to sell, but signals are not yet concrete enough to enter short positions. A break below the 200‐day at 1.2992, the bottom end of the range at 1.2955 would open up selling pressure”.

At the moment, the cross is losing 0.59% at 1.2965 with the next support at 1.2932 (61.8% of 1.2740-1.3243) followed by 1.916 (daily cloud base) and then 1.2850 (76.4% of Apr. range).
On the flip side, a break above 1.3051 (high May 10) would the target 1.3075 (MA21d) and finally 1.3100 (MA10d).

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