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Forex: EUR/USD remains capped by 1.3070/75 area

FXstreet.com (Córdoba) - The euro made a marginal new high against the dollar at the beginning of the NY session, as despite lingering woes in Europe, risk appetite encouraged some dollar selling buying.

EUR/USD however, has failed once again to decisively overcome the 1.3070/75 resistance area and after printing a fresh 3-week high of 1.3073, it pulled back toward 1.3045. At time of writing, EUR/USD is trading around 1.3050 where it records a 0.3% gain since opening.

Having set a higher high today, the EUR/USD maintains a bullish tone, according to Valeria Bednarik, chief analyst at FXstreet.com. "The upside remains open towards key 1.3310 area, 38.2% retracement of the latest daily fall", the analyst commented.

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