EUR/USD: daily update

EUR/USD is moving sideways between $1.2890/45. Euro’s trying to hold above the trend line from July 2012 lows. Support lies at $1.2840 (the 78.6% retracement of the move from April), $1.2800 and $1.2750. Resistance is at $1.2888, $1.2940 and $1.3000.

Euro zone’s CPI came in line with the expectations (1.2% y/y). The region’s trade surplus increased from 10.1B euro in Feb. to 22.9B in March (forecast: 13.0B).

Analysts at Commerzbank say that EUR/USD will be directly offered as long as it stays below $1.2925/80. UBS has bearish view on euro. 

Chart. Daily EUR/USD


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