Forex: EUR/USD intensifies its decline to 2-week lows

FXstreet.com (Barcelona) - This morning is not looking good in Europe. French Consumer Confidence fell more than estimates and now Italian retail sales have disappointed investors, contracting 0.2% MoM and 3.2% in a year through July, down from +0.4% and -0.5% respectively.

German CPI is the only result left in the euro zone, while across the pond New Home Sales and the weekly report on crude oil inventories by the EIA will be published.

As of writing, the cross is losing 0.35% at 1.2855, or 2-week lows.
Next support levels lie at 1.2825 (MA200d) ahead of 1.2823 (MA21d) then 1.2815 (low Sep.12) and 1.2808 (MA21d).
Resistance levels, on the other side, are located at 1.2913 (hourly high Sep.26) followed by 1.2971 (high Sep.25) then 1.2997 (MA10d) and 1.3059 (high Sep.20).

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