Forex: EUR/USD clears stops above 1.3250

FXstreet.com (San Francisco) - EURUSD has just tested offers through 1.3256 this Wednesday in Asia, underpinned by a positive tone in regional bourses on the perceived progress in the US "fiscal cliff" budget negotiations, and as markets cheer S&P's decision to raise Greece's credit rating late Tuesday; EURAUD buying is also helping to attract bids in EURUSD. The EURUSD is at new 7-month highs, with immediate resistance noted at 1.3282 (May 1 high), then 1.3320 (Feb 9 high).

Christopher Gore, Currency Analyst at GO Markets outlines the latest on the "fiscal cliff" talks: "Concessions to original thresholds relating to the tax hikes appear to be found with President Obama lifting the bracket for tax increases for the wealthiest Americans from $250,000 to $400,000. House speak John Boehner is now expected to push for spending cuts to the value of $1 trillion over a 10-year period. While it's apparent there's still some common ground yet to be discovered, markets appear to be somewhat encouraged in the way negotiations are heading."

EURUSD last exchanges at 1.3250, set to record a 2.4% 2012 gain.