Forex: EUR/USD back to the 1.3400 area

The shared currency has climbed back to the vicinity of the key level at 1.3400 on Tuesday, after positive comments by Spanish President M.Rajoy, regarding the ECB’s OMT programme. This push in the cross would be bolstered by renewed hopes of a Spanish bailout.

Next on tap would be the 6m/12m Spanish auction of Letras, in a context of recent higher yields in both Italian and Spanish debt markets.

EUR/USD is now losing 0.01% at 1.3405 with the next support at 1.3360 (low Feb.12) ahead of 1.3325 (low Feb.11) en route to the psychological level at 1.3300
On the upside, a breakout of 1.3411 (high Feb.12) would expose 1.34328 (high Feb.11) and finally 1.3430 (high Feb.8).