Forex: EUR/USD completely erases daily gains

FXstreet.com (Córdoba) - The euro took another step lower into the end of the American session and dipped back below the 1.2900 mark, erasing completely its daily gains versus the greenback. The US currency received a boost from Fed Williams, who reiterated his view that the Fed could trim accommodation in the next few months.

EUR/USD was rejected from the 1.2930 area, and following a consolidation phase, it recently stretched down to 1.2870. At time of writing, EUR/USD is trading around 1.2875/80, where it is virtually unchanged since opening.

In terms of technical levels, next supports for the cross could be found at 1.2845 (daily low) and 1.2800 (psychological level). On the upside, resistances are seen at 1.2930 (daily high) and 1.2940 (high May 15/100-hour SMA).