EUR/USD traded to its highest level since late February on Thursday before finding resistance at the 1.3390 3x1 Gann angle line of the year-to-date high

-Our bias remains positive on the single currency, but caution is warranted over the next few days as an important cyclical turn window is in effect next week that could prompt an important change in trend

-The 1.3390 level should remain a key near term upside pivot with strength above required to set up a further push towards 1.3470

-The 1x1 Gann angle line of the year-to-date-low near 1.3275 is immediate support

-However, only weakness below the 4th square root progression of the year’s low at 1.3215 indicates a more important turn and shifts bias to negative

Strategy: Longs favored in the euro while over 1.3215, but these should be reduced significantly going into the potentially important cyclical turn window next week. Won’t look to go short until 1.3215 gives.