Euro bulls have regained control and pushed the EUR/USD up to a test of 1.10 this morning. Traders are now on the look-out for a sustained upside-break of that psychological level. If the euro breaks above 1.1023, the opening price following the first round of French elections, we see chances of a climb towards 1.1070. On the bottom side, we expect a current support to be around 1.09. The most important piece of Eurozone data this morning will be the Gross Domestic Product for the first quarter, scheduled for release at 9:00 UTC. At the same time, the German ZEW Survey is due for release. Any upside surprises could translate into further euro strength.
The British pound found some halt near 1.2880 after an attempt to break the 1.2940-level has failed. All eyes will be on the Consumer Price report, scheduled for release at 8:30 UTC and if inflation data is upbeat, the pound could trade higher targeting 1.2970 and 1.3020. Current support levels are however seen at 1.2860 and 1.28.
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