Euro surged after Europeans stocks rallied off lows from last week and the market continued to support commodities. EUR/JPY was a major mover up over 4 big figures. Resistance at 1.3000 gave way and the Euro popped to 1.3200. Looking ahead for German January IFO is expected 81.3 vs. 82.6 previously. Current Account is forecast at -8bn vs. -6.4bn previously.
Technical view
EURO R1: 1.3290 S1:1.3110
R2: 1.3320 S2:1.3100
chart pattern hints towards a bull note . Trading range for the day is expected between 1.3120-1.3280 levels for the day. Momentum and stochastic are seen trending up giving bullish outlook.
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