The Eur/Usd made a major bounce today verses the lows that the pair established on Friday. The pair smashed through the major resistance level of 1.3700 to move all the way to 1.3772. The pair is now consolidating and has not retreated from the gains made today. The next major resistance hurdle for the Eur/Usd will be the 1.3800 area as that will be a psychological level to contend with. If the pair continues to make gains the 1.4000 will be another major resistance point.
We are still in the midst of a major down trend at this point and until the pair can prove otherwise I will be selling into the resistance areas.
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If the pair bounces off a resistance level or moves to the downside look for the pair to challenge most recent support at 1.3531.
Read another update on the Eur/Usd at The Geek Knows. One possible explanation of the bounce is that the fear of the Greece financial crisis is beginning to fade away. For a detailed analysis of the currency reaction read Forex Crunch.
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