Forex: EUR/USD extends its correction lower

FXstreet.com (Barcelona) - The shared currency tested sub 1.3030 levels after the German ZEW Survey came in below expectations. In fact, the Economic Sentiment dropped to 36.3 vs. 42.0 forecasted and the Current Situation fell to 9.2 against the median at 12.0. Further data in the euro area showed that consumer prices rose 1.7% YoY and Core CPI rose 1.5% on a yearly basis.

Lower yields from the Spanish auctions of 6m and 12m Letras seem to be insufficient to spark any optimism around the euro today, ahead of inflation figures and housing data in the US economy due later.

At the moment, the cross is up 0.10% at 1.3050 and a breakout of 1.3150 (high Apr.15) would open the door to 1.3152 (MA100d) and then 1.3163 (high Feb.28).
On the flip side, support levels line up at 1.3027 (MA10d) en route to 1.3006 (low Apr.9) and finally 1.2963 (low Apr.8).