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EUR/USD keeps highs around 1.2930/35

FXstreet.com (Barcelona) - The single currency is clinging to session highs in the vicinity of 1.2940 on Tuesday, recovering the positive territory after dipping to sub 1.2900 levels earlier.

“We remain of the view that there are three capital flows-related components to EUR strength at this stage, particularly on the cross rates: 1) the remnants of the July 2012 “Draghi put”, 2) Japanese “Abenomics-inspired” flows and 3) the decline of interest in the “high-yielding” and developing market currency spaces, which has benefitted the EUR partly by default”, assessed Stephen Gallo, Strategist at BMO.

As of writing the pair is advancing 0.01% at 1.2932 and a surpass of 1.2939 (hourly high May 28) would bring 1.2986 (MA21d) and finally 1.2994 (high May 24). On the downside, support levels line up at 1.2821 (low May 23) followed by 1.2809 (low May 20) and then 1.2796 (low May 17).

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