In the Asian session, the cross is trading at 1.3180. The pair is expected to find support at 1.3067, and a fall through could take it to the next support level of 1.2959. The pair is expected to find its first resistance at 1.3242, and a rise through could take it to the next resistance level of 1.3309. Yesterday, the International Monetary Fund (IMF) indicated that the Euro-zone remains the weakest part of the global economy. Moreover, it further emphasized that the European Central Bank should lower its benchmark interest to help bolster economic growth. Separately, the European Central Bank (ECB) President Mario Draghi indicated that the central bank expects a gradual recovery in the Euro-zone economic activity in the second half of 2013, however he cautioned that the outlook remain subject to downside risks. On the economic front, Euro-zone’s consumer price inflation fell to 1.7% (YoY) in March, while the ZEW indicator of economic sentiment retreated to 24.9 in April. Meanwhile, Germany’s ZEW indicator of economic sentiment declined to 36.3 in April, and the current economic situation declined to a reading of 9.2 in April.
EasyForexNews Research Team