There was a significant rally for the Euro yesterday (or more so, dollar weakness) with a move that has threatened the corrective outlook. However the daily chart continues to show the rate hitting the underside of a falling 21 day moving average and failing. Despite the momentum indicators now beginning to show signs of improvement, until the key reaction high at $1.3819 has been breached then this will continue to look like another rally within the correction. The intraday chart shows that the battle is on though and yesterday’s high at $1.3811 is not too far away. If the bulls can continue yesterday’s momentum to breach $1.3819 this opens $1.3746 and $1.3775. Overnight the rate has undergone some consolidation but is just coming under a bit of downside pressure as the early European trading begins. Support comes in around $1.3750.

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