The EUR/USD surged with the European opening, as after a risk off Asian session, stocks surged strongly in the occidental world. European manufacturing data, despite still in contraction zone improved slightly, while on contrary, unemployment rate for the EU rose to 11.4% a record high. Having been as low as 1.2803 overnight, the EUR/USD 4 hours chart shows indicators getting into positive territory while latest candle opened above 20 SMA. 

However, mentioned high converges by the 23.6% Fibonacci retracement of the latest daily run, that limited price; above it a daily descendant trend line today at 1.2940 is next big resistance to follow as only above this last the pair may return to the positive path this week, and attempt a recovery towards 1.3000.Back below 1.2860, the bullish potential will be denied, with short term selling pressure back on the pair: intraday targets then come at 1.2800/20 area first, and once below the daily low, 1.2745 is next.

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