EUR/USD upside capped at 1.3152

The EUR/USD upside during the European session got capped at 1.3152 and a retracement to the 100-hour MA, at 1.3130, followed.

The Portuguese bond auction sold its targeted 1.5 billion euro at lower yields than previous auction: 4.068% vs 4.346% for the 3-month paper and 4.463% vs 4.74% for the 6-month bills. The market might ease pressure on Portugal debt for some time after this and the EUR/USD could extend its upside, because the German bond auction also went well, lowering its yield (1.82% vs 1.93%) of 2-year bunds.

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