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EMU’s unemployment rate has dropped as expected from 10.8% to 10.9% in March, being one more weight in the already heavy EUR/USD.

The 90-pip fall that found some support around 1.3160 area could extend further as the pair looks for more lows, now at 1.3158. Today's risk-off sentiment came after weak manufacturing data in Germany and EMU.

“I think, that yesterday's high at 1.3283 was the peak of the prolonged rise from 1.2996 and my outlook is already bearish, for a break through 1.3204, en route to 1.3070”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial resistance at 1.3245.

The safe haven run that plunged the GBP/USD to 1.6185 low has been retraced just now after the release of UK housing data. Mortgage approvals (March) and PMI construction (April) scored higher results than expected, as well as Consumer Credit in March. Also published were M4 Money Supply figures for March, pointing a drop in monthly and yearly basis.

After having tested yesterday’s low by reaching 1.6185, the GBP/USD rallied back to 1.6125/30 area, above the opening price.

“Although the pair is still struggling above 1.6190 support and the mentioned level is intact, my outlook is bearish, for a break below yesterday's low, towards 1.6070 major support area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to initial resistance at 1.6250.