The failure of the downmove to test the recent 1.4035 base, stalling around 1.4060 provided a bullish signal, and this has lived up to expectations with the current strong rally unfolding. The break above the 1.4210/15 confirmed the trend reversal and we now look for a test of the 38.2% fibonacci resistance at the 1.4285 level, from the move down from 1.4685 to the 1.4035 base. For the time being, however, the key is now support at 1.4210 and whilst this holds we expect further bullish gains. In the UK today we have consumer credit data and final M4 neither of which are likely to have a major impact.