Forex Go!

The Euro continues to rally, with an acceleration to the upside on Friday after the jobs number out of the US almosted doubled the concesus to the downside.  The stock market may not care to much, but the EUR/USD was definitely affected.
The pair still remains in an uptrend, and has come close to the highs of the resistance area near 1.3400.  It fell off this level as Friday progressed closing out the week at 1.3275.
Upward trendline support comes in at 1.3150 on the hourly charts, but will rise over time.  1.3150 also correlates well with the lows seen before the advance we saw on Friday.  Further support comes in at 1.3110.  Significant support is at 1.2960 which held up under a long run of channeling prices.
On the upside, 1.3400 is the pivot point.  Moving above it gives it room to run towards 1.3700.
The advance has seen our target hit at 1.3200.  1.3400 is now likely to be hit, but will of course require a move above Friday’s high at 1.3334.
Enjoy the weekend,
Cory Mitchell, CMTVantagePointTrading.com

In the broadcast today: Is the GBP Ready for Further Gains vs. USD & EUR? In light of the renewed strength of the British Pound, we explore the potential for further gains of the GBP against the USD and the EUR, we analyze the latest trend developments with the GBP/USD and EUR\/GBP currency pairs, we continue to monitor the bullish breakout in the EUR/USD pair, we follow up on the anticipated strengthening of the commodity currencies: CAD, AUD and NZD, we highlight the market’s reaction to the Australian Consumer Confidence, the New Zealand Retail Sales, the U.K. Jobless Claims, the Euro-zone HICP and Industrial Production, and the U.S. Retail Sales, we discuss new forecasts from Royal Bank of Scotland and UBS, and prepare for the trading session ahead.

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