Euro/Dollar (4h chart)
The Euro has been on an upwards trajectory for the past 2 days on the back of Dollar's weakness. The US currency has seen a drop in momentum on the back of the US President's comments that he disapproves the Fed's higher interest rate preference and his criticism against the EU (and China) that they're manipulating their currencies to the downside. So, it's clear to understand that the fundamental bias is not in favor of the Dollar - especially with a lack of any important US-related news or reports scheduled for release over the next few days - hence the Euro has the opportunity to rally further.
From a technical perspective, the 4-hour chart above indicates that momentum is in favor of more gains, as seen from the upwards slope of the MACD indicator and the sequence of higher lows (June 21st, June 28th, July 19th). The key challenge for the Euro is to establish a break above 1.1750 and this will be decided by the test of the 1.17 level which takes place right now. There is a series of data coming up from the Eurozone and expectations are for a steady round of figures so if the shared currency stays above 1.17 then we think this should be enough to encourage the bulls to join the race. The areas of focus to the upside are the 1.1750 and 1.18 marks and continued Dollar weakness can send prices there over the next 2 days.