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EUR/USD regains 1.2975/80

FXstreet.com (Barcelona) - After bottoming in the area of 1.2940, the euro initiated a correction higher in another intent to regain the 1.2975/80 region.

According to Strategist Camilla Sutton at Scotiabank, in the short term, the bias remains neutral to bullish “as the MACD moves more decidedly into buy territory and the 9‐day MA flirts with a break above the 21‐day MA as well as spot breaking to a new 3‐week high yesterday… A close below yesterday’s open at 1.2941 would leave technical in neutral territory but a close above would add to buying pressure”.

The EUR/USD is now losing 0.56% at 1.2976 and a violation of 1.2965 (MA21d) would target 1.2934 (low May 30) en route to 1.2931 (MA10d). On the other hand, resistance levels line up at 1.3062 (high May 30) ahead of 1.3072 (61.8% of 1.3243-1.2796) and then 1.3114 (MA100d).

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