Forex: EUR/USD regains 1.3000 after Italian CPI

The euro managed to leave intraday lows in the vicinity of 1.2990 to regain the key resistance of 1.3000 after the CPI in Italy rose 1.9% YoY in February, in line with consensus although lower than January’s 2.2%. On a monthly basis, prices increased 0.1%, down from 0.2% previous.

Further euro data showed that the French current account deficit widened to €5.0 billion during January from €3.8 billion in the previous month.

Ahead in the day, market participants would be waiting for the results of the 6m and 12m auction of Spanish Letras, against the backdrop of decreasing yields seen in the last auctions.

As of writing, the pair is down 0.27% at 1.3010 facing the immediate support at 1.2980 (low Mar.11) ahead of 1.2956 (Mar.8) and then 1.2929 (low Dec.11).
On the upside, a breakout of 1.3126 (MA100d) would open the door to 1.3135 (high Mar.8) and then 1.3163 (high Feb.28).