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Forex: EUR/USD keeps the buoyancy around 1.3100

The single currency is clinging to the key resistance of 1.3100 on Thursday, after comments by ECB’s Mario Draghi brought in some respite for euro traders, pushing the cross to the boundaries of 1.3120

I.Spivak, Currency Strategist at DailyFX, suggested, “prices are testing resistance at 1.3061, the 61.8% Fibonacci retracement, with positive RSI divergence hinting a move higher may be ahead. Initial resistance is reinforced by a falling trend line at 1.3124, with a break above that targeting the 505 level at 1.3185. Near-term support is at 1.2965, the March 1 low, followed by the 76.4% Fib. at 1.2907”.

At the moment, EUR/USD is up 1.04% at 1.3102 with the next resistance at 1.3130 (MA100d) ahead of 1.3140 (Tenkan Sen line) and then 1.3163 (high Feb.28).
On the downside, a drop beyond 1.3058 (MA200h) would allow 1.2970 (low Mar.7) and then 1.2966 (2013 low Mar.1).

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