EUR/USD Catches A Bid Through 1.41

In what had begun as a ranging month-end session in Tokyo ahead of the US GDP figures tomorrow, has turned into a positive move for the risk currencies, in particular the Euro. Following a lot of mixed data, most notably falling inflation in Japan, the Euro caught a bid and has rallied to 1.4128 as we write. Looking at the weekly move from the highs to the lows, we see the next resistance level for the pair coming in at the 50% retracement of the move and the 100hr moving average. We will watch that area as strong resistance, where a lot of price action has occurred this week (highlighted.) The first level of support is seen at the lows above the 1.40 handle.

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