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EUR/USD retreats from highs, around 1.3035/40

FXstreet.com (Barcelona) - The bull run in the single currency seems to have run out of steam in the boundaries of 1.3060 on Thursday, currently retracing some of those earlier gains in the 1.3035/40 area.

The buying interest in the EUR/USD has eased pressure so far, giving some oxygen to the buck and allowing a small attempt of recovering. According to Camilla Sutton at Scotiabank, the bank’s outlook on the pair remains neutral, adding, “The MACD has shifted into buy territory but moving averages are not confirming the signal. The ADX is at 13, suggesting there is not an established trend, confirming our view that EUR is somewhat range bound between 1.2750 and 1.3250”.

As of writing the pair is gaining 0.78% at 1.3043 and a surpass of 1.3072 (61.8% of 1.3243-1.2796) would open the door to the psychological level at 1.3100 and then 1.3117 (MA100d). On the flip side, support levels line up at 1.2934 (low May 30) ahead of 1.2909 (MA10d) and then 1.2838 (low May 29).

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