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Forex: EUR/USD climbing towards highs as NY session opens

FXstreet.com (Barcelona) - The 60-pip rally on the growing factory orders in Germany instead of the expected -0.5% drop extended to 1.3132 high. After that, the market began a consolidation period that pulled the EUR/USD to 1.3105. Now as the NY session is due to open, the pair is slowly climbing the chart again, at 1.3120 (+0.35%) as of writing.

The US Redbook Index fell -2.5% in the week ending at April 28 and improved 2.3% in the year-on-year basis. Soon, the US IBD/TIPP economic optimism should rise from 46.2 to 47.1 in May, according to market consensus. Data is due at 14:00 GMT.

“Given the recent failure to print a lower low, scope still remains for a final swing higher towards the 1.3300 region ahead of a lower high under 1.3711”, wrote MIG Bank analysts Bijoy Kar and Luc Luyet, adding that only a break below 1.2955 (24/04/2013 low) would signal a negative near term bias.

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