Forex: EUR/USD above 1.3050 with an eye on coming ECB meeting

FXstreet.com (Barcelona) - EUR/USD is currently looking weak at 1.3069, off recent session double intraday low at 1.3060, retracing from fresh 8-week high at 1.3126 in early London trade. Latest S&P downgrade of Greece once again in late NY trade has not helped the bullish case for the pair, that now is mostly waiting for later on ECB minimum bid rate call at 12:45 GMT, and Friday's key US NFP.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com, EUR/USD has “an increasing bearish potential in the short term: the hourly chart shows price capped below 20 SMA as indicators head north below their midlines,” the analyst says, adding: “As long as below 1.3100, the downside is favored with scope to test 1.3000 level ahead of ECB monetary policy decision.”

Support levels for Valeria are found at: 1.3060, 1.3030 and 1.3000, while resistance levels do so at: 1.3100, 1.3140 and 1.3170.

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