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Euro Rally Could Build if EUR/USD Clears $1.3770, EUR/JPY ¥141.45

Euro Rally Could Build if EUR/USD Clears $1.3770, EUR/JPY ¥141.45

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- EURUSD climbs through former TL support, eyes 1.3770.

- EURJPY in pivot zone 140.85/141.45.

- Next set of important Euro-Zone data comes Friday.

To keep up with developments central banks and their policy changes, be sure to sign up for my distribution list.

The Euro has weathered the first set of signficant data for this week, as the German IFO survey and Euro-Zone CPI reports underscored a slow but steady growth environment. Specifically, with respect to inflation, soft CPI data this week could revive deflation fears ahead of the European Central Bank's March meeting.

The EURUSD must clear 1.3770 to trigger longs, and failure there alongside a move back below 1.3680 would mark a top. Otherwise, now that the ascending TL from the July and November 2013 lows has been reclaimed, the technical bias is starting to shift higher.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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