EUR/USD: Ticking Up Toward Resistance ahead of Philly Fed

EUR/USD is firming toward the top of the US range as carry trades recover some of the ground lost overnight and European bond yields rise relative to US yields. Philly Fed data hits the tape in about thirty minutes and dealers will use a weak print as ammo to go after 1.3625 barriers if the opportunity presents itself. More barriers are eyed at 1.3650 and 1.3675, either side of the late 2004 high at 1.3667. Bids come in on dips to 1.3580/90 and EUR/USD continues to whip around freely between these tow levels. It trades now at 1.3612.