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EUR/USD testing the 1.2660 level again

FXStreet (Barcelona) - EUR/USD is trading at 1.2655, having posted a daily high at 1.2665 and low at 1.2584.

EUR/USD has reached up for a third attempt at 1.2660 and has so far managed to stage its position here without supply coming in. A break of this resistance should be significant but from a broader term perspective, we are still looking at the divergences of the central banks that are supporting a strong dollar environment and 1.2500 would be the critical area on a re-run of the dollar rally. Analysts at RBS explained that the long-term picture is now muted due to support breakout and would require more signals to confirm whether this is only a local base or a reversal point. “A sustained break below 1.2500 sees 1.2422 as next support”.

EUR/USD noteworthy levels

Spot is presently trading at 1.2655, and next resistance can be seen at 1.2655 (Daily Open), 1.2655 (Weekly Classic R1), 1.2665 (Daily High), 1.2669 (Weekly High) and 1.2675 (Yesterday's High). Next support to the downside can be found at 1.2648 (Hourly 200 SMA), 1.2622 (Hourly 20 EMA), 1.2613 (Daily Classic PP), 1.2609 (Hourly 100 SMA) and 1.2584 (Daily Low).

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