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Forex: EUR/USD back to highs above 1.2800

FXstreet.com (Barcelona) - Renewed buying interest is lifting the euro to the area of 1.2810/15 on Monday, printing fresh session highs at the same time and reverting initial losses.

“There are fresh indications that deposits greater than EUR 100k in two Cypriot banks will likely sustain larger losses than originally feared. This may partly explain why EURUSD fell to a new 14-week low of 1.2771 overnight. A quarterly IMF survey released on Saturday probably did the euro no favours either. The survey revealed reserve managers were net euro sellers during Q4 2012”, assessed Strategists G.Yu and G.Berry at UBS.

At the moment, the cross is up 0.01% at 1.2807 with the next resistance at 1.2884 (MA200d) followed by 1.3050 (high Mar.25) and then 1.3163 (high Feb.28).
On the flip side, a breakdown of 1.2751 (low Mar.27) would bring 1.2730 (low Nov.19).

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