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EUR/USD in highs around 1.2890

FXstreet.com (Barcelona) - The USD rally is taking a breather, giving some oxygen to the riskier assets and allowing the shared currency to print intraday highs around 1.2890 during the European afternoon.

“We remain sceptical of the ability of the USD to sustain a significant and broad based rally. In the face of this year’s fiscal tightening Fed Chairman Bernanke remains reluctant to move away from his dovish position, indicating that he is in no rush to remove monetary tightening”, assessed Jane Foley, Strategist at Rabobank.

EUR/USD is now flat at 1.2881 and a breach of 1.2843 (low May 15) would aim for the psychological mark at 1.2800 en route to 1.2740 (2013 low Apr.14).
On the flip side, resistance barriers align at 1.2930 (high May 16) followed by 1.2943 (high May 15) and then 1.3030 (high May 14).

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