16/3 EURUSD makes a steady recovery

FX: EURUSD has made a steady recovery from its early March lows near 1.2450 but now looks to be struggling near the 50-day MA, seen around 1.2932. Supports now noted at 1.2833/35 (last night’s low), and further down at 1.2760 and 1.2725, and resistance seen at 1.2957/60, 1.2990/00 (fairly strong) and then at 1.3075/90. Day-traders are likely to continue to favour the upside while above 1.2925.