After a week of boring range trading, the pair rose earlier to 1.2855 where it met the Weekly R1. This was the highest price since August 19. Despite the pull back after we hit the Weekly R1, the Euro is still trading more than a 120 pips above today’s opening price, the biggest daily gain in almost a month. Looking ahead, I would expect to see the current rally extend as high as 1.2900′s. Also watch for 1.2780 as an important level of support; it is both the old trend high for the recent rebound as well as the 38.2% retracement of today’s 1.2663/1.2855 range.
Here’s my 4 hr chart. Good luck trading!
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