Forex: EUR/USD dips to 1.2950/55 on weak IFO

FXstreet.com (Barcelona) - The bloc currency dropped to the proximities of 1.2950 after the German IFO indicator disappointed investors in April. The series retreated in all of its components, adding to the downbeat sentiment after recent lacklustre PMI prints. Further grim data showed that Italian retail sales during February posted an annual contraction of 4.8%, extending the negative momentum of the retail sector.

EUR/USD is losing 0.20% at 1.2970 with the next support at 1.2963 (low Apr.8) followed by 1.2940 (MA200d).
On the upside, a break above 1.3085 (high Apr.23) would open the door to 1.3130 (high Apr.19) and finally 1.3202 (high Apr.16).