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EUR/USD testing 1.2900

FXStreet (Edinburgh) - The single currency is returning to the upper band of the intraday range on Tuesday, pushing EUR/USD back to the boundaries of 1.2900 the figure.

EUR/USD bounces off 1.2860

Spot dipped to fresh multi-month lows around 1.2860 pre-European open, although it later managed to pick up pace and come back to the upper-1.28s despite the (still) usual USD strength. There are no releases in Euroland and the US economy today, leaving the EUR to the mercy of the broader risk trends. “The market is oversold by a number of technical metrics and we have to be wary of the risk of a short-term, trading bounce (possibly to the 1.31/1.32 range) in the bear trend as a result but we do not think the potential for a sustained or significant recovery in the EUR is high at this point. We remain bearish”, signaled analysts at TD Securities.

EUR/USD levels to watch

At the moment the pair is up 0.09% at 1.2907 with the immediate resistance at 1.2963 (high Sep.8) followed by 1.2990 (high Sep.5) and then 1.3000 (psychological handle). On the downside, a break below 1.2788 (61.8% of 1.2042-1.3995) would target 1.2755 (low Jul.9 2013) en route to 1.2740 (2013 low Apr.4).

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