Forex: EUR/USD rallies to 1.2800 mark

FXstreet.com (Barcelona) - The EUR/USD is seen rallying past the previous highs at 1.2773. The pair broke loose from the stagnating period and jumped to 1.2799, for now. One pip from the psychological level at 1.2800. Providing scope for such risk sentiment may have been Fed's Lacker statement that the US could grow more than 3% if grand bargain reached the US deficit.

Little after, the US Philadelphia Fed Manufacturing Survey came in much below the consensus of 2, as it dropped from 5.7 to -10.7 in November due to Hurricane Sandy.

“Regain of significant 1.2800 resistance zone and 200 day MA, is seen as a trigger for extension 1.2880/1.2900”, wrote Windsor Brokers analyst Slobodan Drvenica, pointing to risk of retesting 1.2660/52 (13 Nov fresh low / daily Ichimoku cloud base) in case of a drop below 1.2700.

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