The EUR/USD has managed to recover ground, and approaches the end of the week holding around key 1.3200 mark, that caped the upside several times since early March, developing a bullish set up that may need of further upward momentum this upcoming week to be complete. While the ECB provided a positive outlook regardless the crisis is still going on, the fact that US QE tapering this summer is no longer likely, has sent dollar down particularly against its European rivals.*As for the technical picture, the daily chart shows indicators still in positive territory losing some momentum near overbought territory but far from signaling a reversal. The fact that short term buyers are surging in current 1.3200 area is pretty significant in a post Payroll Friday, and risk to the downside will only surge below the 1.3050 area, too far away right now.

With a significant high at 1.3240 and another at this week high of 1.3305, expect stops to gather above those levels, larger ones in the latest:, if triggered, a run towards *1.3420/50 price zone seems more than likely this week, and even an extension towards 1.3500. Further gains above this last however, seem not as likely at the time being: the EU is not ready to deal with an expensive currency and runs above the level should remain short lived.




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