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Forex: EUR/USD rises again above 1.3000

FXstreet.com (Barcelona) - The EUR/USD moved to the upside early in the day with news of an agreement between Cyprus, the Troika and EU finance ministers. Peaked at 1.3048 high, the pair retraced its gains and moved to 1.2985 ahead of the European opening. The market is now back above 1.3000 area and attempts at restoring its gains.

The Italian consumer confidence report shows a decline from 86 to 85.2 in March, above the 85.0 consensus. Earlier, the Spanish PPI eased from 2.6% to 2.1% in February.

“Minor resistance around the 1.3075 March 12 high stands to be tested today. Further up is the 1.3107/40 resistance area, made up of the March 15, December 5 and January 8 highs. This should cap the last few days’ advance”, wrote Commerzbank analyst Karen Jones, pointing to 200 day moving average at 1.2882 and last week’s low at 1.2844 as support.

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