The Euro remains under a liquidation threat from further knock on slowing from Russian sanctions but the Euro also remains under pressure because of softer than expected German and Italian data from earlier in the week. For the coming sessions, the September Euro might have solid support at 1.3374 but unless there is amajor economic negative seen from the US or a softening of the Russian stance on the Ukraine area, the bearcamp should remain in control. Keep in mind, the ECB welcomes declines in the Euro exchange rate. Down trendchannel resistance in the September Euro is seen at 1.3407 today but that trend line resistance falls down to1.3397 on Friday morning.
Technical Outlook: Daily momentum studies are on the rise from low levels and should accelerate a movehigher on a push through the 1st swing resistance. The market’s short-term trend is negative as the close remainsbelow the 9-day moving average. The upside daily closing price reversal gives the market a bullish tilt. It is aslightly negative indicator that the close was lower than the pivot swing number. The near-term upside target is at134.2725. With a reading under 30, the 9-day RSI is approaching oversold levels. The next area of resistance isaround 134.0950 and 134.2725, while 1st support hits today at 133.5450 and below there at 133.1725.