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Forex: EUR/USD testing intraday highs

FXstreet.com (Barcelona) - A bout of buying interest is now lifting the cross to the area of 1.2880/85 on Thursday, challenging at the same time overnight highs.

“Range trading should continue to be the order of the day in the cross for the near future, as relative central bank policies still favour the euro but we now see the range more likely to be in the high 1.20s for H2. Soon the market will have to price the Fed scaling back on QE and, in our view, this will lead to more broad-based USD strength”, assessed S.Roed-Frederiksen, Analyst at Dasnke Bank.

At the moment the cross is down 0.03% at 1.2881 and a break below 1.2843 (low May 15) would open the door to the psychological mark at 1.2800 and finally 1.2740 (2013 low Apr.14).
On the flip side, resistance barriers are located at 1.2889 (high May 16) followed by 1.2943 (high May 15) and then 1.3002 (MA30d).

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