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Forex: EUR/USD back around 1.2985/90

FXstreet.com (Barcelona) - The shared currency has trimmed post-sales losses and is back around 1.2985/90 after hitting the key 1.30 handle on Monday.

According to Sean Callow, Strategist at Westpac, “EZ GDP on Wed should help keep ECB easing on the n/t agenda but Fed view is key. Further positioning for Fed QE ‘tapering’ would open up 1.28 region while weak US data could see return to mid-1.31s. Still broadly bearish (most) EUR crosses”.

As of writing the cross is up 0.12% at 1.2986 and a surpass of 1.3051 (high May 10) would the target 1.3075 (MA21d) and finally 1.3100 (MA10d).
On the flip side, support levels lie at 1.2932 (61.8% of 1.2740-1.3243) followed by 1.2916 (daily cloud base) and then 1.2850 (76.4% of Apr. range).

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