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Forex pairs in this Article » EUR/USD (Barcelona) - The EUR/USD rallied hard again- this time off of important support- in the early part of the US session and basically cruised sideways into the close at those higher levels.

EUR/USD traders get German appetizer before US dinner later

The EUR/USD disregarded better-than-expected numbers from three different US data points Tuesday to rally sharply on a flight from the Dollar trade related to Syria tensions. There IS a safety trade on right now, but it involves buying Treasuries, Yen, gold and silver and selling just about everything else – including the greenback.

Wednesday, traders will be eyeing German consumer confidence data and import prices; the Swiss Consumption Indicator; EuroZone money supply; and, the Bank of England’s Mark Carney speaking before Parliament. Later in the day in the US, pending home sales data will be digested by traders as well.

Technical outlook for EUR/USD

Technicians say 1.3409 remains the key upside correction resistance level to monitor for EUR/USD. A break and close above that level would surely have the bears running for cover while a hold of resistance there would further embolden them. The technicians who say EUR/USD topped at around 1.34 – 1.35 have as their downside target 1.24 – 1.25. A close below last Friday’s and yesterday’s low at 1.3332 would be the first nail in the coffin of the bears.
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