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Forex: EUR/USD remains capped by 1.3075

FXstreet.com (Córdoba) - The euro is once again struggling with the 1.3075 resistance area, which has been capping upside attempts this week ahead of the release of the US CPI data.

EUR/USD has risen over 150 pips from yesterday's lows, underpinned by the risk-on tone in financial markets, although it has been unable to overcome the 1.3075 level so far. At time of writing, EUR/USD is trading at 1.3060, recording a 0.4% gain on Friday.

From a technical view, Valeria Bednarik, chief analyst at FXstreet.com, notes that EUR/USD broke above a descendant trendline coming from 1.3710, today at 1.3050. "The pair is still well below the 23.6% retracement of its latest bearish leg, around 1.3100 and immediate resistance. Above this last the pair may extend up to 1.3150/60 static resistance area", says Bednarik. "Back below 1.3020, the upside will be denied, with 1.2950/80 area then back at sight".

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