The EUR/USD is rallying slightly, awakening from its consolidative slumber earlier in the week. The currency pair hopped above our 2nd tier downtrend line, but is having difficulties with our 3rd tier uptrend line. Therefore, we're cautiously optimistic.
However, the EUR/USD has climbed over the highly psychological 1.30 level. The relative strength in the Euro comes after all of the manufacturing and services PMI data beat estimates. Though the number all indicate contraction, at least an upward swing in momentum is forming.
If the currency pair can sustain gains from present levels, then it may have something worthwhile to build from.