By CountingPips.com
The euro has traded lower against the U.S. dollar today in forex trading despite experiencing a short-lived bounce following the latest EU/IMF plan to help stave off the sovereign debt crisis. The euro-dollar pair (EUR/USD) had ascended above the 1.3100 exchange rate in early Monday trading in reaction to the EU plan that amounts to almost $1 trillion in rescue loans and plans to buy up debt of struggling euro nations. (See more views on the bailout here and here).
The EUR/USD reached an intraday high of 1.3094, piercing through the 200-hour moving average before retreating 
lower. The decline has stretched to under the 1.2800 level in the afternoon of the U.S. trading session with today’s low being 1.2758.
In today’s economic news, we learned that German exports rose by more than expected and by most since 1992 in March, according to the German Statistics Agency. Exports increased by 10.7 percent in March following a rise of 5.1 percent in February and surpassed market forecasts expecting a 3.0 percent rise. On an annual basis, German exports advanced by 23.3 percent over March of 2009.
The data also showed that the German trade surplus increased to 17.2 billion euros in March from a surplus of 12.7 billion in February. The current account balance for Germany increased to a 18.0 billion euros surplus after a 9.3 billion euros surplus in February.
Elsewhere, the Bank of England held their interest rate steady in a rare Monday rate decision. The rate hold was widely expected and kept the rate at the record low of 0.50 percent where it has been since March 2009. The bank also maintained its program of asset buying at £200 billion.
Forex Trading: EUR/USD Chart – The Euro today rebounded early against the US dollar in the forex markets (1-hour chart). The pair ran into resistance at the 200-hour moving average (in red) and has declined to trading under 1.2800. The pair currently trades around the 50-hour moving average (in purple) and despite today’s fall, it looks to maintain its short-term uptrend from Thursday’s lowpoint at 1.2523.
