The single currency is now bouncing off session lows in the boundaries of 1.3060 after the GDP figures for the first quarter in the Chinese economy came softer than expected, rising 7.7% YoY against forecasts of a rise of 8.0% and previous print 7.9%. The industrial production also disappointed, expanding at an annual pace of 8.9% in March vs. 10.0% estimated. Retail sales came in a tad better however, rising 12.6% vs. 12.5% forecasted.

Ahead in the day the EMU’s trade balance figures are due, with the consensus waiting for a €3.0 billion surplus in February.

At the moment, the cross is losing 0.28% at 1.3079 with the next support at 1.3036 (low Apr.12) ahead of 1.3006 (low Apr.9) and finally 1.2980 (MA10d).
On the flip side, a breakout of 1.3138 (high Apr.11) would expose 1.3140 (MA55d) and then 1.3150 (MA100d).