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EUR/USD upside stalled around 1.2880

FXstreet.com (Barcelona) - The bull run that lifted the single currency to the 1.2880 region run out of steam, dragging the cross once again to the area of 1.2850/55 in a context dominated by the risk-off trade.

“We continue expecting the EURUSD at 1.25 by the end of this year… We believe that a EUR weakening beyond our projection would require a new shock from the periphery, or the ECB moving aggressively into unconventional policy territory, both of which are unlikely in the short term in our view”, assessed A.Vamvakidis, FX Strategist at Bank of America Merryl Lynch.

The cross is now up 0.10% at 1.2855 with the next resistance at 1.2890 (high May 17) ahead of 1.2930 (high May 16) and then 1.2943 (high May 15).
On the flip side, a dip beyond 1.2796 (low May 17) would clear the way to 1.2740 (2013 low Apr.4) and finally the psychological mark at 1.2700.

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