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Forex: EUR/USD bouncing off 1.2750

FXstreet.com (Barcelona) - After dipping to fresh 2013 lows around 1.2750, the shared currency found buying interest that pushed the cross back to the current area of 1.2780/85.

According to Derek Halpenny, Analyst at BTMU, the EU expects Cyprus to be a ‘one-off’ case and thus the financial markets would soon return to normalcy. “We suspect that the EU will be proved correct for now and continue to see potential for the euro to rally back above the 1.3000 level against the dollar. Further out though, the weak fundamentals in Europe – which wont be helped by the Cyprus deal, will result in downward pressure on the euro returning”, Halpenny concludes.

At the moment, EUR/USD is down 0.55% at 1.2784 with the next support at 1.2730 (low Nov.19) ahead of 1.2685 (weekly cloud base) and finally 1.2680 (61.8% of 1.2042-1.3711).
On the upside, resistance levels line up at 1.2922 (MA10d) followed by 1.3050 (high Mar.25) and then 1.3107 (high Mar.15).

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