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Forex pairs in this Article » EUR/USD (Lisbon) - The EUR/USD foreign exchange rate surged to fresh highs Friday, as the EUR extended its run against the USD, which once again saw a general retreat across the board during US trading.

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EUR/USD strategic bias

According to Karen Jones, an analyst at Commerzbank, “Yesterday, the EUR/USD reached the 1.3208/1.3188 support zone (July 11 high and the current August low) from where it accelerated higher. The August high at 1.3401 is thus back into the picture. A rise above the 1.3420 level would suggest ongoing strength to 1.3500/20, the minor psychological level and 13th February high. This is regarded as the last defense for the 1.3711 February high. We do not favor such a strong rise, though. Only a drop through the 1.3208/1.3188 support area will alleviate upside pressure.”

EUR/USD technical levels

Despite already recording steadfast gains, the EUR/USD managed to move higher and establish new highs at 1.3377 in these moments, en route to as sizable modest of +0.23% above its opening Friday. In terms of the technical levels, the EUR/USD broke resistance at 1.3363, and will look to test additional means of correction at 1.3391, and 1.3417, notes the Danske Research Team.
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