The euro is located below the psychological level of 1.30 after nine attempts to break this level. Now it is trading below 1.30 because the PMI manufacturing showed a figure lower than expected, thereby feeding speculation that the European Central Bank to cut back interest rates at the next meeting in May, seeking to lower the cost of credit. Technically, the euro has to meet one of reversal patterns that was formed in the last daily sessions with target at 1.27 area. We believe that for the next few days the euro could arrive for this price. On the other hand, the Momentum Indicator produces bearish signal. We believe that the level of 1.2880 will give us the opportunity to decide whether to buy again or continue to sell the pair.
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