EUR/USD jumped toward session highs after the European Banking Authority (EBA) published the results of the last stress tests to European banks, showing that only 8 out of 91 banks failed of which 5 are Spanish, 2 Greek, 1 Austrian. The EU regulator said that other 16 banks narrowly passed the tests.
The Euro rose to 1.4187 on a relief rally but quickly moved back to pre-results levels. At time of writing, EUR/USD is quoting at the 1.4150/60 area, 0.10% above its Friday's opening price.
From a technical perspective, Valeria Bednarik, analyst at FXstreet said, "Pair remains hovering near 1.4160 strong Fibonacci resistance area, and despite a failure attempt to break higher, price quickly retreated from 1.4190 session high. Despite a timid bullish tone as per price holding above 20 SMA, pair needs at least to break daily highs, to gain ground towards 1.4250 area".
"Below 1.4100, the bearish trend may take the lead, with the pair then pointing for an approach to 1.4050 support zone", said Bednarik.
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