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Forex pairs in this Article » EUR/USD (Córdoba) - The rally of the EUR/USD extended to a fresh 2-week high during the European session, as the USD weakened broadly despite the US budget deal, which funds the US government until Jan 15 and raises the debt ceiling until Feb 7.

The relief at US debt deal was short-lived as fundamental issues over spending and deficit persist and Americans have another cliff to face in less than 3-months.

EUR/USD eyes 2013 high

Against this backdrop, the EUR/USD broke above 1.3600 and rose toward 1.3637 before losing momentum and settling just below, within striking distance of the Oct 3 and 8-month high of 1.3646, and not far from the 2013 peak at 1.3711. Overall, EUR/USD gained nearly 170 pips from yesterday's lows and it was last around 1.3620, recording a 0.6% rise on Thursday.

EUR/USD technical outlook

From a technical view, Stoyan Mihaylov, analyst at, notes a renewal of the bullish trend. "Yesterday's third test of 1.3480 sets a renewal of the uptrend on the senior frames, for a break through 1.3654, en route to 1.3865", the analyst said. "Crucial support on the downside is projected at 1.3567".
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