FXstreet.com (Barcelona) - EUR/USD has been bosted above the round number 1.2800 minutes ago, taking out stops to peak at 1.2808. Positive equities in Asia, with Nikkei up to 8675.00 from 8618 open, has been supporting the pair.
The higher spot price comes after the pair printed a sizeable bullish engulfing bar on the daily chart off a key support level at 1.2650 area last Friday.
Nearest resistance for the pair can be found at 1.2865, Jan 2011 low. On the downside, 1.2800 is now expected to act as short-term value area to add longs as the Euro attempts to correct higher.
According to Andrew Spencer, FX Analyst at IFR Markets: "Further stops up to 1.2840, then offers around 1.2900 resistance."
EUR/USD May 21 at 02:43 GMT
1.2795/01 (0.27%)
H1.2814 L 1.2748
| S3 | S2 | S1 | R1 | R2 | R3 |
|---|---|---|---|---|---|
| 1.2647 | 1.2679 | 1.2711 | 1.2864 | 1.2896 | 1.2928 |
| Trend Index | OB/OS Index |
|---|---|
| Data updated on May 21 a 02:15 GMT (15-minute timeframe) | |
| Slightly Bullish | Extremely Oversold |
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