The shared currency is clinging to the positive territory on Friday, meandering around 1.2930/35 as risk appetite prevails.
“While the EURUSD has thus far failed at cracking $1.3000, evidence is growing that the Euro could stand to benefit from the recent uncertainty regarding the US Dollar and the Yen; there is relatively less uncertainty surrounding the Euro right now. We thus remain bearish, but a close above 1.3000/30 will negate the bearish bias and imply a rally towards 1.3220/50 (mid-April swing highs)”, commented Christopher Vecchio, Currency Analyst at DailyFX.
EUR/USD is now losing a marginal 0.01% at 1.2930 and a break below 1.2900 (MA10d) would accelerate the decline towards 1.2821 (low May 23) and then 1.2809 (low May 20). On the upside, resistance levels align at 1.2998 (high may 22) followed by 1.2999 (MA21d) and finally 1.3030 (high May 14).
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