EUR/USD soars above 1.3100

FXstreet.com (Buenos Aires) – Ahead of US Beige Book, EUR/USD soars above 1.3100 area, as the successful Portuguese bond auction of around €1B of four and ten-year paper, favored a dramatically change in bond spreads, narrowing strongly since then. The EUR/USD reached 1.3114 before retreating slightly to the 1.3100 area, where actually quotes.
According to Valeria Bednarik Fxstreet.com chief analyst, the pair is breaking above the 38.2% of the last daily fall 1.3433/1.2980 around 1.3080, key resistance, now support; she states: “daily close above that level, should favor further gains in the cross, towards the 50% of the same rally, around 1.3155. Now the pair should find strong support in the 1.3060 price zone, and only below this last, current bullish short term trend could turn otherwise”.

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