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EUR/USD keeps highs around 1.2900

FXstreet.com (Barcelona) - The optimism surrounding the euro remains intact on Thursday, with the pair hovering over the key mark at 1.2900 although unable to gather further traction so far.

According to Sean Callow, Strategist at Westpac, “Near term focus remains on the downside – May advance PMI’s likely to underwhelm and a bevy of ECB speakers will likely remind markets that negative deposit rates are a possibility. Technically, failure to break 1.30 and the 200d MA adds to the impression that lower levels beckon”.

The pair is now advancing 0.25% at 1.2892 and a break above 1.3011 (MA21d) would aim for 1.3030 (high May 14) and then 1.3051 (high May 10).
On the flip side, support levels are located at 1.2809 (low May 20) followed by 1.2796 (low May 17) and finally 1.2754 (weekly cloud base).

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