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Forex: EUR/USD eases to 1.2980/85 on risk off movement

FXstreet.com (Barcelona) - A EUR/USD movement higher was capped at the 1.3020 level Tuesday (slightly near previous session highs of 1.3030) during European trading. With weak economic data out of Germany and the EMU leaving a bitter taste in investor’s mouths, the pair managed to erase near 40 pips in recent moments to now trade at 1.2980/85. At this level however, the cross still remains in positive territory at +0.05% above its opening.

Despite the recent drop incurred by risk aversion, the EUR/USD is still positive and will therefore find resistance at 1.3051, then 1.3081, and finally 1.3136. On the pullback, a movement below 1.2966 will initiate supportive structures at 1.2911 ahead of 1.2881.

According to Global FX Strategist Sean Callow at Westpac, “Eurozone GDP on Wednesday should help keep ECB easing on the n/t agenda, however the Fed view is key. Further positioning for Fed QE ‘tapering’ would open up 1.2800 region while weak US data could see return to mid-1.31s. In the short-term the EUR/USD remains bearish intraday.”

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