It is possible that the Euro has lost some upside momentum. It would also seem like deflationary fears inthe Euro zone have been fostered by Euro zone February inflation readings overnight. With the added burden ofEU intervention threats from last week and some possible drag from the events in Ukraine, the bull camp in theEuro might have to prove they can hold the June Euro above recent consolidation support of 1.3872. TheCommitments of Traders Futures and Options report as of March 11th for Euro showed Non-Commercial traderswere net long 34,745 contracts, an increase of 13,874 contracts. The Commercial traders were net short 17,421contracts, an increase of 12,318 contracts. The Non-reportable traders were net short 17,325 contracts, anincrease of 1,557 contracts. Non-Commercial and Non-reportable combined traders held a net long position of17,420 contracts. This represents an increase of 12,317 contracts in the net long position held by these traders.
Technical Outlook: Studies are showing positive momentum but are now in overbought territory, so somecaution is warranted. The close above the 9-day moving average is a positive short-term indicator for trend. Themarket has a slightly positive tilt with the close over the swing pivot. The near-term upside objective is at139.8950. The next area of resistance is around 139.5100 and 139.8950, while 1st support hits today at 138.6100and below there at 138.0950.