Forex: EUR/USD testing weekly lows around 1.3020

The pessimism surrounding the single currency is intensifying on Friday, dragging the cross to fresh intraday lows in the proximity of 1.3020/25 after the jobless rate in the euro area rose to 11.9% in January, missing the median and previous print at 11.8%. In the same direction, the flash CPI rose at an annualized rate of 1.8% in January, below December’s 2.0%.

Across the pond, an interesting USD calendar would keep the euro under pressure, as PCE, manufacturing PMI, ISM manufacturing and the Reuters/Michigan CSI are due.

As of writing, the pair is losing 0.19% at 1.3032 with the next support at 1.3018 (low Feb.26) followed by 1.2998 (low Jan.4) and then 1.2998 (low Dec.12).
On the flip side, a breakout of 1.3100 (psychological level) would expose 1.3163 (high Feb.28) and then psychological level at 1.3200