After a 24-hour consolidation at the support level of 1.0910, the euro rallied above the moving averages and the immediate resistance level of 1.0935. The RSI divergence was the first sign that the pace of the sell-off has decelerated and there could be a U-turn around the corner. One might think the pair would continue to rise, yet the current pull back is a test to gather more momentum. If the demand zone between 1.0910 and 1.0920 holds well, we could expect another rally toward 1.0960.