Forex: EUR/USD finds resistance at 1.2940

FXstreet.com (Córdoba) - The euro took a step higher at the beginning of the New York session, and filled the weekly opening gap as risk appetite improved and investors shrugged off Italian PM resignation announcement.

EUR/USD bounced from a low of 1.2885 scored during the European session, and having risen over 50 pips within the last hours, it touched a daily high of 1.2940. At time of writing, EUR/USD is trading at the 1.2930 zone, 0.3% above its opening price.

From a technical view, Valeria Bednarik, chief analyst at FXstreet.com argues that the rally may extend near 1.2970 if dollar remains under pressure, yet more gains seem unlikely at the time being.

Bednarik locates immediate resistances at 1.2940, 1.2970 and 1.3000, while they see supports at 1.2910, 1.2880 and 1.2845.

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