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Forex: EUR/USD approaches daily highs

The EUR/USD is (very) slowly pushing higher as the US session unfolds after a session low at 1.2988. So far, the pair has gone to 1.3014 and is approaching the early European high of 1.3025 as it attempts at recording a bounce movement from Friday's plunge on stronger-than-expected US NFP data.

Both 3 and 6-month debt auctions in the US saw average yields falling slightly, from 0.11% to 0.095% and from 0.12% to 0.115%, respectively.

The economic calendar is now empty and Reuters report about Troika's take on Portugal didn't provoke much fuss on the market. According to Reuters, the Troika (IMF, EU and ECB inspectors) are due to agree to an extension of the maturity of Portugal’s bailout loans until 2015, as they acknowledge Lisbon’s efforts to meet the bailout program requirements so far, but they also note the adverse impact of the recession in Europe on the Portuguese economy.

Mataf.net analysts point to resistance at 1.3025, 1.3065 and 1.3130. On the downside, supports might be found at 1.2990, 1.2955 and 1.2925.

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