While much of the region still remains on holiday, the Euro has been able to find moderate early supportthis morning. Risk appetites may be subdued coming out of the holiday break, but there have been enoughpositive developments in recent weeks for the Euro to continue building upon its post-tapering rebound throughthe end of this year’s trading.With few chances for sentiment-rattling news headlines this morning, the Euro should maintain a positive tonethrough the balance of today’s trading. The March Euro may climb up towards the 137.06 level later today, andshould be able to hold its ground well above Tuesday’s weekly low as long as risk appetites continue to mend.
Technical Outlook: Momentum studies trending lower at mid-range could accelerate a price break ifsupport levels are broken. The market back below the 18-day moving average suggests the intermediate-termtrend could be turning down. It is a slightly negative indicator that the close was under the swing pivot. The nextdownside target is 136.3525. The next area of resistance is around 137.0650 and 137.2525, while 1st support hitstoday at 136.6150 and below there at 136.3525.