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Forex: EUR/USD ends the week beneath 1.3000

FXstreet.com (Córdoba) - A tough week comes to an end for the euro, which having tested the 1.3200 area on Wednesday, suddenly surrendered all gains and slumped below 1.3000 dragged by an outstanding dollar strength and given that ECB threat of negative rates still weigh on the EUR.

EUR/USD lost over 200 pips over the last couple of days, and temporarily pierced the bottom of its recent range to hit a low of 1.2925 on Friday. However, the cross has managed to recover some ground and is set to close the week hovering around its 200-day SMA around 1.2980, where it records a 0.5% daily loss, and a 1.1% weekly decline.

Looking into the upcoming week, "the EUR will be pushed back into the 1.20's if next week's Q1 GDP estimate shows another quarter of contraction and the market aggressively prices expectations of more rate cuts and unconventional easing by the European Central Bank", Ilian Yotov, analyst at AllThingsForex commented.

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