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For the past 2 and half weeks, the Euro has consolidated and fought to hold its daily neckline stemming from the February - March lows. This was breached on the 16th of March as the Euro hit lows of 13000, however quickly recovered and closed back above the trend line. This shake out has seen the market continue to hold above its neckline, however meeting major resistance at the 13200 level. Last Friday we saw the Euro close on highs hitting 13232, only to turn back lower on Monday and retest its breakout point. This is at a critical level for the Euro as if this market is indeed ready to move higher, these Monday lows of 13107 should be supported for buyers to take out the Monday highs of 13214 to show their strength of pushing back above 13200. In turn the next major resistance comes within 13280-13387 from where the market broke down on April 2nd, as the range for buyers to squeeze through to target the February highs of 13488 and ultimately complete the retracement to 13800.
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