The retracement wave started at 1.29 remained essentially supported above the daily 20MA @1.2766 (also the 4h 100MA) on Friday. Against this background, EUR should be ready to resume the uptrend and push higher towards a re-test of 1.29, followed by an attempt to break the yearly high at 1.2979.

Both hourly and daily charts look bullish at this time, with RSI and oscillators pointing up and daily close above 1.2820 favoring further EUR gains. Upward channel trendlines still hold. Support starts at 1.2820 (38.2% of the recent 1.2690 - 1.29 wave up), followed by 1.2795 (50% of the same wave) and 1.2770. Only a break here would complicate the short-term picture and favor a larger retracement move, with target at 1.2690 and below. Resistance begins at 1.2843, followed by 1.2880 and 1.29.

Above this level, the weekly charts suggest a possibly strong EUR rally, as a sustained break above 1.2970 would also break a 6 months (relatively narrow) range and favor a move towards 1.3129 by the end of the year.