Forex: EUR/USD at 11-month highs, with 1.3485 in sight

FXstreet.com (Córdoba) - The euro continues to outperform its rivals on Friday as sentiment was lifted after the ECB said 278 banks in the region would repay a total of €137 billion of the initial 3yr LTRO loan. Against the greenback, the euro broke decisively above the 1.3400 mark and reached an 11-month high of 1.3463 before easing a tad.

With the subsequent setback being contained by the 1.3410 area, EUR/USD is back headed north approaching recent highs and with 1.3485 in sight, its 2012 peak. At time of writing, EUR/USD is trading around 1.3455, recording a 0.6% daily gain.

"4 hours chart shows technical readings heading north in positive territory, and price consolidating around the highs: as long as above 1.3400, the upside is exposed towards next bullish target, 1.3485 past 2012 yearly high", says Valeria Bednarik, chief analyst at FXstreet.com. "Below 1.3360/70 area, the short term outlook may turn negative, with scope then to retest the 1.3320 price zone".

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS