Forex: EUR/USD surges to the area around 1.3570/80

The single currency rapidly climbed to the boundaries of 1.3580 on Wednesday, despite the poor data out of the French trade balance and the Spanish industrial production.

Ahead of the ECB meeting, Derek Halpenny, analyst at BTMU, commented “… we would expect a slightly less optimistic tone in the press conference than last month given that the momentum in the sovereign debt markets has begun to reverse and that “positive contagion” is not as evident today as it was a month ago”.

At the moment, EUR/USD is advancing 0.34% at 1.3568
Next resistance levels line up at 1.3598 (high Fe.5) ahead of 1.3653 (Upper Bollinger) and then 1.3660 (high Feb.4).
On the flip side, a breakdown of 1.3494 (low Feb.6) would aim for 1.3459 (low Feb5) and then 1.3415 (low Jan.29).