The shared currency briefly pierced the key support at 1.3100 on Monday, after mixed signals from the Spanish economy. In fact, the services sector of the Mediterranean country extended its negative momentum in April, falling to 44.4 from 45.3 in the previous month, while the Unemployment Change surprisingly fell by 46.1K vs. a forecasted increase of 17.1K.
Next on tap in the euro area will be a batch of Services PMI prints for euro zone members, followed by the Sentix index and EMU Retail Sales.
As of writing the pair is losing 0.17% at 1.3100 with the next support at 1.3033 (low May 3) ahead of 1.3015 (low Apr.29) and finally 1.3000 (low Apr.29).
On the flip side, a breakout of 1.3160 (high May 3) would bring 1.3220 (high May 2) and then 1.3243 (high May 1). – FXstreet.com (Barcelona)