While the Euro remains right on its highest price level since mid-May in the early going today, there were some Euro zone economic results that could have put the Euro off balance. In other words, the Euro has beenable to stand up to mixed data perhaps because of lingering bearishness toward the Dollar or perhaps because ofa minor downtick in the Euro zone unemployment rate from the prior month. However, in the event that the USproduces a clean sweep of positive data points, it is possible that the Euro could see a delayed catch-up negativereaction to the totality of the global data flow over the last 24 hours.
Technical Outlook: The market now above the 40-day moving average suggests the longer-term trend hasturned up. Rising stochastics at overbought levels warrant some caution for bulls. The close above the 9-daymoving average is a positive short-term indicator for trend. The market has a bullish tilt coming into today’s tradewith the close above the 2nd swing resistance. The near-term upside target is at 137.4300. The next area ofresistance is around 137.2600 and 137.4300, while 1st support hits today at 136.6800 and below there at136.2700.