After it looked like the Euro will pull back into the weekend and perhaps close near Daily Low, it then reversed sharply on the release of much weaker than expected Michigan Consumer Sentiment index. Michigan Inflation Expectations jumped to 2.9% from 2.6%, but the market shrugged that off. I suspect the pair would have rallied anyway, but perhaps not that strongly if the release had came out better.

Michigan Consumer Sentiment: 88.6 vs. 96.0 expected, 95.9 previous
Michigan Consumer Expectations: 81.5 vs. 88.6 expected, 88.8 previous
Michigan Current Conditions: 99.8 vs. 107.0 expected, 107.0 previous
Michigan Inflation Expectations: 2.9% vs. 2.6% previous
Michigan 5-Year Inflation Expectations: 2.80% vs. 2.60% previous

In the current environment, there's potential for the pair to break 1.15 and trade up to 38.2% retracement (of the May 2014 to March 2015 decline) in the days/weeks ahead.

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