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Forex pairs in this Article » EUR/USD (Barcelona) - The single currency is now transiting the 1.3350/60 region, giving away earlier gains after overnight's tops above 1.3400

After last week's steep upside of EURUSD, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented "It has introduced scope for a rally towards tough long term resistance at 1.3485/1.3560 this is the location of the 2012 high, a double Fibonacci retracement the 200 week moving average and the 200 MONTH moving average. We look for this to hold the topside and provoke failure".

In addition, Sean Callow, Strategist at Westpac, suggested, "Our Q1 target of 1.35 is within reach sooner than expected as ECB's Draghi took a rate cut off the near term agenda. Financial conditions also point to better EZ data in coming weeks while the Fed maintains QE".

And Currency Analyst Lee Hardman at BTMU added "upside potential from current levels is likely to prove only modest with weak euro-zone economic fundamentals and building disinflationary pressures still likely to place pressure on the ECB to ease further later in 2013".
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