Forex: EUR/USD at session highs at 1.3127/35

FXstreet.com (Barcelona) - The EUR/USD is rocketing ahead during European trading, jumping to session highs in these moments at 1.3127/35 – storming over resistances in the process. Having moved over 40 pips recently, the cross now is securing a steadfast advance of +0.41% Thursday.

“The EUR/USD touched 38.2% correction at 1.3115 yesterday and moved back to the downside affected by overbought signals on the stochastic. Ultimately, the possibility of positivity remains as long as the pair consolidates above 1.2970 supported by Linear Regression Indicators.” notes the ICN.com analyst team.

Briefing the technical levels, the technical analyst team at ICN.com points to resistances at 1.3155 onto the 1.3170 handle, and ultimately 1.3205 (resistance was previously broken at 1.3100). Alternatively, a movement lower will enable supports at 1.3035, ahead of 1.3010, and finally 1.2990.

According to Emmanuel Ng of OCBC Bank, “Any ability to stay afloat above 1.3000 in the near-term may see an eventual test towards the 55-day MA at 1.3147 and then 1.3340 multi session.”