The VERY important level for EURO
Hi
The Euro (EUR) eased on Wednesday, on the back of positive US data. Despite inflationary data in the form of Eurozone CPI being released better than expected at 1.9% for the month April (Forecast: 1.8%). Overall the EUR traded with a range of a low 1.3504 and a high of 1.3610 before closing the day at 1.3519 in the New York session. Looking ahead the ECB monthly report will be made public on Thursday.
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I think the 1.3610 will be a major resistance for the euro in the days to come.(it is close to the 1.3633 78.6% fib level April high - May low) For the last couple of days it was the daily high, moreover it was the highest level the price visited since May 2nd. A break through 1.3610 and 1.3633 will result in a major euro rally.
Happy trading,
Steve
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