FXstreet.com (Barcelona) - The EUR/USD is back to its highs after retracing its gains on the European opening down to 1.2882 opening price. The pair bounced since the release of EMU current account and is trying to extend gains above 1.2915/20

EMU current account surplus eased from €16.0B to €14.8B in January, higher than €7.9B consensus. Germany will sell 10-year bonds at today’s auction. Last average yields were at 1.66%.

“The EUR/USD dropped through the 200 day moving average at 1.2876 to 1.2844 yesterday. Below it our downside target remains to be seen at 1.2679/61”, wrote Commerzbank analyst Karen Jones, adding that an unlikely break above Tuesday’s high at 1.2970 would lead to the 1.3000 mark.