Forex: EUR/USD eyes 1.2900, as risk intensifies

FXstreet.com (Barcelona) - Buoyancy among euro traders remains intact, as the cross is getting closer to the key resistance at 1.2900 on Thursday, propelled by spiraling risk appetite. Today’s thin trade due to the inactivity in Wall St would magnify bouts of volatility and big movements in the euro’s price action.

According to the Bullish Percentage Index developed by technical analysts at FXstreet.com, the index is continuing its way up and is at the doorsteps of the overbought territory at 70%, showing at the moment that 68.42% of the euro-based pairs are in bullish mode, on a point and figure pattern.

The cross is now up 0.45% at 1.2885 with the next resistance at 1.2909 (MA55d) followed by 1.2950 (high Nov.2) and then 1.2983 (high Nov.1).
On the flip side, a breach of 1.2827 (MA21d) would allow 1.2730 (low Nov.19) and then 1.2691 (low Nov.16).

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