EUR/USD has weakened but the current mild correction suggests continued strong buying pressure. The next resistances are given by the 200-day moving average and the 15 March low (1.3004).

The lack of base formation or sell-off suggests that the current strength in EUR is a rebound within an underlying downtrend. Given the current overbought conditions, we are looking at signs of weakness to initiate a new short EUR position.

Daily Technical Report