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Forex: EUR/USD breaks above 1.3400 again

EUR/USD found support on mid London Tuesday session at 1.3328, following best German ZEW economic sentiment since mid 2010, trading last near session and weekly highs at 1.3416. The pair is up +0.42% for the week, while Oil jumped above the $96 mark, and SP500 printed fresh highs since late 2007, closing in NY at 1530 up +0.71% for the day, with US 10 year bond yields at 2.03% around 10-month highs.

As Valeria Bednarik notes, Chief Analyst at Fxstreet.com: “The hourly chart shows 20 SMA gaining bullish slope below current price, now around 1.3350 support area, while indicators stand now flat in positive territory. In the 4 hours chart indicators also turned bullish, surging from around their midlines, which suggest not enough upward momentum yet. The key resistance level to watch comes around 1.3415, roof of the daily descendant channel coming from 1.3710, as steady gains above this last will deny the possibility of a bearish continuation and saw the pair approaching the 1.3500 area today,” the analyst suggests.

Valeria locates support levels at: 1.3375, 1.3350 and 1.3320, while resistance levels at: 1.3415, 1.3440 and 1.3490.

Forex Flash: Stay long EUR/AUD - JPMorgan

AUD/NZD is approaching key support at 1.2100/1.1933 (July‘10/Oct’09 lows), level where, according to Niall O'Connor, currency strategist at JPMorgan, "some retracement to the one-way decline over the past several weeks can develop", adding that the setup "is also in line with the oversold and diverging momentum setup on a daily and weekly basis."
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