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Forex: EUR/USD testing Monday’s highs around 1.3050

Sudden buying interest is propelling the single currency to the area around 1.3050 on Monday, testing yesterday’s highs at the same time and breaking the dullness surrounding the 1.3000 level.

Prior results in the euro area showed that the negative trend in the Spanish debt market still persists, after the 6m and 12m auctions of Letras yielded 0.794% and 1.363%, vs. 0.859% and 1.548%, respectively.

At the moment, EUR/USD is flat at 1.3045 with the next support at 1.2980 (low Mar.11) ahead of 1.2956 (Mar.8) and then 1.2929 (low Dec.11).
On the upside, a breakout of 1.3126 (MA100d) would open the door to 1.3135 (high Mar.8) and then 1.3163 (high Feb.28).

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