With the Dollar temporarily rocked back onto its heels and short term technical influences taking center stage, the path of least resistance is pointing upward. Critical support is seen today down at 1.0506 and theremight not be much in the way of resistance on the charts now until the 1.0577 level.
Technical Outlook: Rising from oversold levels, daily momentum studies would support higher prices,especially on a close above resistance. The market’s short-term trend is positive on the close above the 9-daymoving average. Market positioning is positive with the close over the 1st swing resistance. The next upsideobjective is 105.88. Daily studies suggest buying dips today. The next area of resistance is around 105.59 and105.88, while 1st support hits today at 104.61 and below there at 103.93.