It was about time to escape the trading range which has been valid for 2 weeks, therefore the Euro rallied and broke the key barrier at 1.3400 on yesterday, setting fresh highs in the 1.3440 area. Support is currently formed at 1.3400 backed by 1.3380, 1.3350 and 1.3320. Resistance emerges at 1.3440 followed by 1.3480 and 1.3500. Daily momentum strengthened its bullishness due to the daily close above the 1.34 mark, hourly momentum is slightly bearish due to the minor Euro retracement occuring at the time of this writing. A resume of yesterday's rally is highly possible now, the upside being favored, but only if 1.3400 or 1.3383 will remain intact. A break below the said support levels may accelerate a potential decline towards the lower half of 1.33's. Large moves are expected today due to the NFP data release in the U.S. Current .
Best Regards
Hany . El-Leety
Best Regards
Hany . El-Leety