The EUR/USD is continuing the upswing started with the bounce from the long-term neck line created on the daily chart, as a part of the big Head and Shoulders formation. The price is still locked in a side trend, restricted by the tops and bottoms forming the right shoulder: 1.2750 as a support and 1.32 as resistance.
Yesterday we wrote that there are more chances for an upswing. This view is still valid, but we have to remember that at the end of the week traders will receive a considerable volume of major macroeconomic data that will have a huge impact on this pair (ADP, Minimum Bid Rate, NFP). So far, volatility is low and recent movements are driven mainly by the bearish failure on the neck line.