EURUSD – The pair is extending its strength and focus is on resistance at 1.3287/1.3386, the May/March highs. We expect these levels to give way over the coming days and watch for a potential test of the significant resistance at 1.3493, the 50% retracement of the May 2011 to July 2012 bear trade, which links with the February high at 1.3487. The 2 longs are maintained that were established at 1.3164 and 1.2955, targeting 1.3490, with stops placed at 1.2990, just under the 62% retracement of the latest advance.
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UBS Investment Bank