Forex: EUR/USD eyes 1.2980 on bailout rumours

FXstreet.com (Barcelona) - The single currency has jumped to the boundaries of 1.2980 as rumours involving a Spanish bailout were doing the rounds in the European morning. Market chat has followed Spanish government oficial saying that there won’t be any resistance in the euro bloc to an aid request by the country.

Data-wise, French current account deficit has widened to €4.0 billion during August from €2.6 billion deficit in July. Next on tap will be Italian CPI ahead of EMU industrial production.

As of writing, the cross is up 0.29% at 1.2966 with the next resistance at 1.2991 (high Oct.9) ahead of 1.3035 (high Oct.8) and then 1.3072 (high Oct.5).
On the flip side, a violation of 1.2880 (prior intraday res) would bring 1.2827 (hourly low oct.11) and 1.2822 (MA200d).

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