EU: M3 Money Supply (3m) (Mar): 3%; 2.6% (YoY)

The small rebound has been fairly tepid and “we view this as a minor rebound from the 1.2949 200 day MA”, wrote Karen Jones. “We should see failure shortly and a slide to 1.2839, the 78.6% retracement of the move up in April. This is the last defense for the 1.2740 recent low”, added the Commerzbank analyst, pointing to key support at 1.2679/61 (61.8% Fibonacci retracement of the July-to-January rise and the November 2012 low) and viewing the recent failure ahead of the 1.3225/50% retracement as an interim peak, with initial resistance at 1.3132.