Forex: EUR/USD higher against all; 1.34 resists

FXstreet.com (Barcelona) - Euro has been strongest currency among majors in the last few days, along with Swiss Franc, though if we have a look at EURCHF, CHF has been still a bit stronger than EUR since the week started. All in all, EURUSD is a +0.48% higher from previous Asia-Pacific open yesterday, mostly helped by much better German PMIs than expected, and despite worst French PMIs since year 2009, and Spanish unemployment reaching a record high 26%.

"This is a market set on buying EUR and selling JPY, regardless of what's going on so there's little point in getting in the way," says FXWW founder Sean Lee, adding: "Short-term range between 1.3250/1.3400 is still intact, but buying dips is definitely preferred whilst the markets needs to buy EUR," the analyst concludes. In the other hand, highly positive correlated Gold, closed in NY below the $1670 mark, losing -0.84% for the day. Despite EUR advance, USD was third strongest currency among all majors, meaning it was bought against all others but EUR and CHF.

Immediate resistance to the upside for EURUSD shows at recent weekly highs 1.3393, followed by past Friday's highs 5 pips higher, and Jan 14 highs another 5 pips higher at 1.3403. To the downside, closest support lies at current levels as Tuesday's highs 1.3370, followed by Wednesday's highs at 1.3355, and Jan 16 highs at 1.3326.