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Forex pairs in this Article » EUR/USD (Barcelona) - The EUR/USD exploded higher Tuesday following the somewhat weak monthly jobs number out of the US. The upside momentum has continued into Wednesday’s session and has potentially much more upside ahead of it.

EUR/USD traders have plenty of data to keep them on their toes Wednesday

The EUR/USD bulls clearly have the bears – what’s left of that group anyway – on the run following yet another jarring drop in the greenback. Tuesday’s culprit was obviously the sluggish US jobs report – or rather the conclusions that were reached regarding the timing of any tapering plans on the part of the Fed because of the poor jobs numbers.

Wednesday, EUR/USD traders will be reacting to a litany of data from both Europe and the US including: German 10-Year Bund Auction; EU Consumer Confidence; US Monthly Mortgage Apps; US Export Price Index; and, the US Housing Price Index.

Technical outlook for EUR/USD

Technicians say the EURUSD cruised past targeted resistance of 1.3750 – 1.3760 and now has 1.3933 as its next Fibonacci target. Support for the cross comes in at 1.3710 – the February high. Below that level, technicians say the next support is Friday’s lowof 1.3472.
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