FXstreet.com (Barcelona) - The single currency continues its relentless march north on Friday, hovering over the 1.2990 mark, closer to the key resistance of 1.3000
Stronger-than-expected data out of the US labor market on Thursday have sparked the bull-run, extended today after rumours of an imminent bailout in Spain and intensified after the EU was awarded with the Nobel Peace Prize.
According to analyst at UBS, Gareth Berry, the Swiss bank has changed its outlook on the cross to bullish from neutral, adding “initial resistance is at 1.2978, a break above which would see momentum higher and trigger a move to 1.3072 ahead of 1.3172”.
Karen Jones, Head of FICC Technical Analysis at the German lender Commerzbank, argues that the region at 1.3072 could well contain upside intents, then allowing potential pullbacks to test 1.2776, 3-month uptrend. She continues assessing “while above 1.2776 we remain unable to rule out a re-challenge of 1.3072 and possibly the 1.3173/77 band, we continue to favour failure here”.
Stronger-than-expected data out of the US labor market on Thursday have sparked the bull-run, extended today after rumours of an imminent bailout in Spain and intensified after the EU was awarded with the Nobel Peace Prize.
According to analyst at UBS, Gareth Berry, the Swiss bank has changed its outlook on the cross to bullish from neutral, adding “initial resistance is at 1.2978, a break above which would see momentum higher and trigger a move to 1.3072 ahead of 1.3172”.
Karen Jones, Head of FICC Technical Analysis at the German lender Commerzbank, argues that the region at 1.3072 could well contain upside intents, then allowing potential pullbacks to test 1.2776, 3-month uptrend. She continues assessing “while above 1.2776 we remain unable to rule out a re-challenge of 1.3072 and possibly the 1.3173/77 band, we continue to favour failure here”.
