EUR/USD Test

Important test of resistance is in progress for the Euro.  Failure at current levels will force the Euro to seek support in the 1.39 area (which it'll likely find).  Another possible bearish scenario is an attempted breakout that gets as high as the 1.4275 area before reversing back down.  Adding to the appeal of this scenario is that it's a full recovery of the breakdown that began on May 20th.  The rapidity of the collapse in price makes the re-test of this area all the more likely.

Here's what's happening in the USD index at the same time.  A failure at the current level presages the likely target identified below.