The Euro bulls must be living right as the Euro is managing gains this morning despite discouraging German Ifo business sentiment readings. Perhaps the trade is discounting the German data as a one off negative impact from the dire conditions flowing from the Ukraine standoff. It is also possible that rising Italian inflation readings and expectations for slack US scheduled data later today, is providing the Euro with lift. Near term resistance is seen up at 1.3638 and then again up at 1.3648. Key support in the September Euro moves up to1.3592.
Technical Outlook: Momentum studies are trending higher from mid-range, which should support a movehigher if resistance levels are penetrated. A positive signal for trend short-term was given on a close over the 9-bar moving average. With the close higher than the pivot swing number, the market is in a slightly bullish posture.The next upside objective is 136.4150. The next area of resistance is around 136.2600 and 136.4150, while 1stsupport hits today at 135.8600 and below there at 135.6150.