Forex: EUR/USD retakes 1.2900

FXstreet.com (Barcelona) - The euro has managed to regain the key level at 1.2900 on Wednesday after dipping to fresh lows around 1.2880. The sentiment surrounding EUR remains heavy after Italian GDP figures for the first quarter came in short of expectations, following same data from Germany and France. Italian economic activity contracted 0.5% QoQ and 2.3% YoY vs. estimates at -0.3% and -2.2%, respectively. The results, however, bettered previous prints at -0.9% and -2.8%, respectively.

EMU’s Q1 GDP figures are due next, with prior surveys expecting the economic activity to have contracted 0.1% QoQ and 0.9% on a yearly basis.

EUR/USD is now losing 0.08% at 1.2908 with the next support at 1.2864 (76.4% of 1.2747-1.3243) followed by 1.2747 (low Apr.4) and then 1.2679 (61.8% of 1.2042-1.3711).
On the flip side, a surpass of 1.2943 (high May 15) would allow 1.3030 (high May 14) and finally 1.3048 (MA21d).