TD Securities - "EUR/USD has struggled to push through the 1.34 area this week but counter-trend losses have been contained (to the upper 1.32 area, as expected) and the broader picture remains EUR bullish on the daily chart. Early week price action did suggest a possible top/reversal (“evening star”) type formation but follow through selling has been limited and the sideways movement in spot this week looks more like a consolidation ahead of another push higher at this stage. Loss of support at 1.3259 (this week’s low) would be a modest negative and likely signal a push back to the low 1.31 area (where the 40-day MA and inverse H&S neckline converge). Above 1.34 should help propel spot higher (1.36/1.38). Price patterns, trend momentum, the position of the medium/long-term moving averages all still point higher for the EUR.
(...)The lack of follow through buying this week in EUR/USD only really becomes a problem if there is a heavy and sustained sell-off in spot next week. As things stand, the EUR’s outlook remains constructive from a technical point of view, we think. The market made a marginal new high this week and remains well above key weekly supports. Trend momentum is positive. Weekly support is 1.2989, major weekly support is 1.2800/25. Key resistance is a very reachable 1.3637."