Forex: EUR/USD consolidates below 1.3100

FXstreet.com (Córdoba) - The advance of the euro against the dollar found resistance and lost momentum after reaching the 1.3100 mark during the European session. However, with the subsequent dip being contained by the 1.3075 zone, EUR/USD was confined to a phase of consolidation over the last hours.

The euro has been underpinned on Monday by the formation of a government in Italy, but investors remain cautious ahead of the ECB policy decision on Thursday.

Having shown little reaction to the latest string of eurozone data, EUR/USD is currently trading around 1.3080/85, 0.3% above its opening price. On the upside, next resistances could be found at 1.3100 and 1.3130 (high Apr 19), while on the downside immediate supports are seen at 1.3075 and 1.3050 (20-hour SMA).