The Euro has been testing a support area against the US dollar today on the 4 hour chart. The Ichimoku cloud offers very good support and resistance areas, the longer the time period the better these tend to be. The stochastic chart is showing signs of oversold. I can see price action begin to rise over the next day or two. Weaker than expected data from the USA will bring the green back down, even without any positive news from Europe.
I expect the Euro to appreciate against the USD over the rest of the week with strong resistance on the day chart where the lagging line hits the top side of the cloud. However any small increase in price and the lagging line will be closing above the cloud, which may also indicate further upward price movement.

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