Forex: EUR/USD bulls poised for more gains after 1.30 bounce?

FXstreet.com (San Francisco) - EUR/USD gained ground for a second day Monday after a retest of the 1.3000-10 price zone, closing the North American session up around 35 pips at 1.3115. Price extended gains modestly to a fresh 3-day high in early Asia, reaching as high as 1.3127, but the market is relatively unchanged so far on the day, with investors sidelined ahead of the ECB meeting on Thursday.

Kathy Lien, Managing Director at BK Asset Management says: “From a fundamental and technical perspective, the EUR/USD appears poised for a stronger recovery.”

From Valeria Bednarik, Chief Analyst at FXstreet.com: “Overall, bulls remain hesitant yet as long as above 1.3080, the upside is favored with a break above Monday’s high pointing for a test of 1.3150 key resistance area. If above this last, expect more sustained buying interest today;” with next bullish target seen around 1.3190, she explains. Downward movements may find support at 1.3080, 1.3040 and 1.3000.

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