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Forex pairs in this Article » EUR/USD (Barcelona) - The bloc currency is flirting with the 1.3040 level so far, although well submerged into the red territory and still suffering the bitter consequences of the hawkish tone out of the last FOMC minutes and NFP in line with market estimates.

After last week's sell off towards the psychological 1.3000 figure, Karen Jones, Head of FICC Technical Analysis at Commerzbank, assesses that "Intraday rallies should now find resistance at 1.3113/58 and we suspect will remain capped by 1.3310. This will leave attention on the 1.2970 2012-2013 uptrend. Failure here will target 1.2575/61 (initially)".

Christin Tuxen, Senior Analyst at Danske Bank, comments ". We believe the risk in the cross is tilted to the upside this week, not least as the ECB meeting later this week should underline that the bank has no imminent plans to cut rates".
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