Euro Approaches Key Resistance

Pulling back on the recent tick higher, the Euro currency is approaching a key resistance top. Protected by the ominous 1.3600 psychological figure, the current ceiling is also being protected at the 1.3593 (100 hMA) and 1.3596 (50 hMA) levels. With channel trendline resistance sitting up top, a break higher would maintain the previous week’s bid tone, with bullish players setting their sights on the 1.3640 (April 20th hourly high). Downside tests are likely to be capped well short of channel support at the 1.3523 (200 hMA).