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Forex: EUR/USD threatening 1.3000

FXstreet.com (Barcelona) - The shared currency is prolonging its correction lower after hitting weekly highs above 1.3020 overnight, challenging to breach the key support at 1.3000.

Against the backdrop of the EcoFin meeting, Currency Analyst at DailyFX David Song expects the gathering to yield no substantial support to the euro. “We should see the European Central Bank continue to carry out its easing cycle in the coming months, and the Governing Council may look to purchase asset-backed securities (ABS) in the coming months as the economic downturn threatens price stability”, concluded Song.

As of writing the cross is up 0.21% at 1.3003 with the next resistance at 1.3051 (high May 10) followed by 1.3075 (MA21d) and then 1.3100 (MA10d).
On the flip side, a drop beyond 1.2932 (61.8% of 1.2740-1.3243) would expose 1.2916 (daily cloud base) and finally 1.2850 (76.4% of Apr. range).

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