It would appear that Greece and the EU are working out an agreement on the debt extension and with news that Germany has avoided a wage flap with key unions the potential for a key bottom in the Euro is on the rise. Since we expect at least a temporary negative impact in the Euro off the Fed testimony, buyers might want to wait for a temporary return to consolidation support down at 1.1275 before getting long the Euro for a position play.
Technical Outlook: Momentum studies trending lower at mid-range could accelerate a price break if support levels are broken. The close below the 18-day moving average is an indication the intermediate-term trend has turned down. It is a slightly negative indicator that the close was under the swing pivot. The next downside objective is 112.4125. The next area of resistance is around 113.8250 and 114.3925, while 1st support hits today at 112.8350 and below there at 112.4125.