EUR/USD back to the 1.3280 area (Edinburgh) -The EUR/USD now retreated from today’s peaks around 1.3300 the figure, after another failed attempt to follow through the critical barrier.

EUR/USD shorts retreating

According to last week’s CFTC COT report, euro shorts continues to scale back. Strategist Jane Foley at Rabobank commented “EUR shorts continued to decline as EUR remains resilient in the face of a dovish ECB and rising political risks within the Eurozone… USD longs were lower than reported in the previous set of data but only a 5.2% drop was recorded. The FOMC on Wednesday will be the main focus for USD”.

EUR/USD critical levels

At the moment the pair is down 0.02% at 1.3283 with the next support at 1.3208 (high Jul.11) ahead of 1.3200 (psychological level) and hen 1.3198 (MA10d). On the upside, a break above 1.3297 (high Jul.26) would expose 1.3302 (high Jun.20) and finally 1.3325 (low Jun.18).