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Forex pairs in this Article » EUR/USD (Edinburgh) -The euro is now picking up pace, benefiting from a weaker greenback and pushing the EUR/USD to test fresh intraday peaks beyond 1.3560.

EUR/USD its all about the US

The pair broke above the congestion pattern in the vicinity of 1.3530/35 on Wednesday, bolstered by the inability of US politicians to find common ground in light of the debt ceiling deadline tomorrow. According to analysts at TD Securities, “US political developments are all that matters at the moment, and in the case of positive news from Washington we expect the USD to outperform the EUR. More uncertainty heading into tomorrow’s deadline should see an extension higher for EUR/USD, however. Our base case remains that a resolution will be found, which leaves us overall bearish on EUR/USD in the near term”.

EUR/USD key levels

The pair is now up 0.23% at 1.3556 with the next resistance at 1.3571 (high Oct.15) followed by 1.3598 (high Oct.14) and then 1.3605 (high Oct.9). On the downside, a breach of 1.3479 (low Oct.15) would target 1.3467 (low Sep.30) en route to 1.3462 (low Sep.25).
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