EURO/dollar broke its previous resistance level 1.4043 after the G-7 meeting.

G-7 intervention to suppress the Yen did not result in a US$ rise last week. Instead it led traders to abandon the dollar and money flowed into other currencies, including the EURO.

Now EURO$ could move back up to last November’s high area around 1.4283. Our key line 1.3739 becomes a major support line.

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EURO daily chart