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Forex pairs in this Article » EUR/USD (San Francisco) - Intraday price action set a new 12-day high for EURUSD in earlier trade, extending as high as 1.3070, but, at the time of writing, is pulling back from mentioned highs and exchanges 1.3030.

The pull back is likely due to market participants' demand for dollars ahead of the weekend, and at current levels, EURUSD is set to end the week with a 1.5% advance.

Technically speaking, the path of least resistance remains to the upside as price continues to develop above trendline support in the 1.2800 area (Feb 29/April 2 peaks). In the week ahead, if price continues its upside extension, the 1.3170 level must be overcome to test offers at 1.3220 (100-week EMA). To the downside, support is noted at 1.2960 (Sept 28 high) and 1.2940 (Oct 1 high).

As Derek Halpenny, European Head of Global Markets Research at the Bank of Tokyo says in a research note: "we maintain that levels over 1.3000 in EURUSD are unlikely to be sustainable for long," citing dire conditions in the euro-zone and weakening growth in Asia and LATAM.
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