The euro climbed for much of the day and even surpassed our $1.2580 risk-limit. Beforehand, traders were not worried to discover reasons for the euro's rise. Following the Philly Fed report, however, the dollar dumped across the board. Whatever reason led to the euro's ascension beyond Philly Fed, Russia rumors or Freddie Mac or something else, the move satisfied the range-bound traders. The dip-buyers finally saw the price level they were searching for. The new bias of the market has shifted back to neutral. In addition, the volatility has strayed to a new low for the trading year.

Our bearish orientation has dissolved, and shifted to neutral. Not much action is expected from the range-bound traders or anyone else. Thus a progression through $1.2700 would signify another source of demand in operation. In turn, this would open the euro to the target of $1.2965, the upper border of the daily range. Support is slated at $1.2580 currently.

Support & Resistance Table 

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