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EU current account data combined with the EUR\/USD reaching a key technical level led to the euro being sold during Friday\u2019s European trading session.<\/p>\n
<\/span>The euro pulled back from its highest level this week across the board after headline current account numbers<\/a> for the month of March were above expectations, coming in at -4.7B. Data for the month of February was revised higher to -6.5B from -7.2B. Economists had forecasted the current account to be reported at -5.7B. While the headline value was better than expectations, a troubling sign is the drop-off in net portfolio inflows, falling to 77B from 97.3B. Rising sovereign debt yields for the peripheral nations may have deterred new investors from purchasing higher amounts of European assets.<\/p>\n This week\u2019s rebound in the euro came to a halt and should not come as a surprise given the rise in tensions over the European debt crisis<\/a>. The selling that occurred today may be an attempt by traders to sell this week\u2019s rally combined with a technical level for euro longs to reduce exposure.<\/p>\n EU current account data combined with the EUR\/USD reaching a key technical level led to the euro being sold during Friday\u2019s European trading session. The EUR\/USD reached as high<\/a> as 1.4255 a level that coincides with the 50-day moving average as well as the May 12th high. The pair fell as low as 1.4210 before rebounding to 1.4230. Support for the EUR\/USD is found in a range between 1.4020 from the March 28th low and 1.4050 from last week\u2019s low. <\/p>\n The euro was also lower in the crosses with the EUR\/GBP and the EUR\/CHF moving through short term support levels. Support for the EUR\/GBP is located at 0.8690, the bottom of the short term consolidation pattern off of the May lows. EUR\/CHF has support at 1.2480. A breach here could take the pair lower to 1.2400.<\/p>\n