EUR/USD climbs to higher heights but for how long?

With the EUR/USD approaching the 1.3138 level and the lack of progress on the Fiscal Cliff talks there is still some room for the Euro to reach 1.3138 and even 1.3170. Right now with overbought levels the pair is falling back from 1.3126, but it may retrace and get higher, depending on today's US ADP Nonfarm Employment Change news as well as US Jobless Claims and ECB Interest Rate decision tomorrow. Nonfarm payrolls on Friday will be the last catalyst for the EUR/USD movement up or down this week.
With the important news ahead it's wise to close some EUR/USD long positions, especially since the pair is so close to strong resistance levels. Opening short positions with tight stops is very tempting and it may in fact be not such a bad idea.

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