A well-received Spanish auction turned the EUR/USD higher early in the session and the Forex pair never looked back. Volatility is high today after the early rebound, erasing all of the loss from earlier in the week.
Strong momentum is driving the Euro higher against the dollar at the mid-session with the market rapidly approaching this week’s high at 1.3403. A breakout above this level will put the market on pace to make a 10-month high.
Daily EUR/USD Chart
One sign of strength is the Euro’s ability to overcome a short-term retracement zone at 1.3330 to 1.3347. This area is now intraday support. The next sign of strength will be crossing over to the bullish side of a steep uptrending Gann angle at 1.3357. This move could set off a strong rally.
The main trend is up. A rally through 1.3403 should trigger a breakout to the upside with 1.3491 the next likely downside target. A trade through 1.3256 will turn the minor trend down. It will also serve as a sign that investor sentiment is shifting to the downside. If this occurs, look for the start of a move to 1.3200.
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