This Great Graphic was created on Bloomberg. I drew in the uptrend line off the late July, inspired by the ECB's Draghi's threat to do what is necessary.
As long as this trend line remain intact, the euro bulls are in ascendancy It comes in now near $1.31. The next upside target is near $1.3150, which is the 50% retracement of the euro's decline since Jan 2. Above there, we note that the 20-day moving average comes in just below $1.3170 and the 61.8% retracement objective is found at $1.3185.
The more important test of the euro bulls is the $1.33 area that capped the euro in mid-December and again at the start of the year. We anticipate ceiling will be tested and penetrated as the euro heads up toward $1.35.