Intraday Rally Carries EUR/USD into Key Resistance

The intraday rally has reached a pivotal point with the pair trading back towards $1.1050/1.1175, prior support from August-October and resistance since the breakdown on October 22 (failed retests 10/28-10/30 and 12/9-12/15).Both daily MACD and Stochastics have turned higher into bullish territory, signaling accelerating topside momentum. In context of broader USDOLLAR Index selloff, it looks like EUR/USD may be shaking off its early-Q1'16 range. A weekly close through $1.1100 would be ideal for longs, although bulls will have to contend with the US NFP report on Friday before all is said and done.