A series of lower highs this week and French calls for the ECB to begin asset purchases should leave thebias in the Euro pointing downward today. In fact, the Euro bulls need help from a discouraging US jobs sector orthe September Euro might be destined to retest support down at 1.3644. In the end, an extremely active scheduleof US data this morning looks to set up an extremely critical junction in the Euro. A key up trend channel supportline or pivot point is seen at 1.3610 and that support/pivot point rises to 1.3617 on Thursday.
Technical Outlook: Rising stochastics at overbought levels warrant some caution for bulls. A positive signalfor trend short-term was given on a close over the 9-bar moving average. The market could take on a defensiveposture with the daily closing price reversal down. It is a slightly negative indicator that the close was lower thanthe pivot swing number. The near-term upside target is at 137.1400. The next area of resistance is around136.9700 and 137.1400, while 1st support hits today at 136.7100 and below there at 136.6200.