Forex: EUR/USD muted after Spanish, French auctions

FXstreet.com (Barcelona) - The bloc currency remained apathetic after French 5-year bond yields printed a record low at 0.73%. Continuing with the Spanish debt markets, the negative trend in borrowing costs extended today, with 3y, 5y and 10y bonds yields printing 2.792%, 3.257% and 4.612% respectively.

Against the backdrop of the G20 meeting kicking in today, Currency Analyst Lee Hardman at BTMU, commented, “According to a Bloomberg report, the G20 statement will maintain the pledge from February to move more rapidly toward more market determined exchange rate systems and exchange-rate flexibility” and to refrain from competitive devaluations to support global growth”.

At the moment, the pair is advancing 0.15% at 1.3052 with the next resistance at 1.3068 (MA10d) followed by 1.3108 (MA55d) and finally 1.3202 (high Apr.16).
On the flip side, a violation of 1.3001 (low Apr.17) would open the door to 1.2963 (low Apr.8) en route to 1.2959 (MA21d).