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EUR/USD regains 1.2880

FXstreet.com (Barcelona) - After bottoming in the 1.2850 region on upbeat data from US Consumer Confidence, buying interest is now pushing the pair back to the area of 1.2880.

“A continued surge in home prices alongside US equity markets trading near all-time nominal highs has negated the impact of the payroll tax increase and budget sequestration on the US consumer, and with improvement in the report’s Business Conditions, Employment, and Income sub-indexes, there now is another tally in the Fed’s column to ‘Reduce QE3’”, commented Christopher Vecchio at DailyFX.

As of writing the pair is losing 0.45% at 1.2871 with the next support levels located at 1.2821 (low May 23) followed by 1.2809 (low May 20) and then 1.2796 (low May 17). On the flip side, a break above 1.2939 (hourly high May 28) would bring 1.2986 (MA21d) and finally 1.2994 (high May 24).

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