EUR/USD reaches 1.3170 high after Spain’s debt auction

FXstreet.com (Barcelona) – Euro rally from 1.2860/70 lows on Monday has squeezed above 1.3145 session high successful Spain’s debt auction, to reaching a fresh 4-week high at 1.3170 to ease below 1.3145 shortly afterwards.

On the upside, above 13070 (Jan 6 high/session high), the pair might find resistance at 1.3190 (intra-day level) and 1.3260 (Daily Pivot Point R2). On the downside, support levels are 1.3080 (session low/weekly pivot point), and below here, 1.3045/50 (intra-day level) and 1.2960 (Jan 12 low).

Spain’s Treasury has managed to sell EUR3 Billion of five-year bonds, the maximum volume targeted, although at a 4.542% average yield, almost 1% higher than on the last auction, before Ireland’s bailout was approved.

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