Price is moving within an ascending channel in an ABC structure. It seems that this pair will rise steadily in the next month and reach the 1.38 level. This analysis is valid as long as we are above the 1.31 level.
COT Report Analysis
Taking into account the sharp increase in long positions held by the Large Speculators group - and specially the fact that few traders are behind this volume jump - and also the considerable decrease in hedged positions, we favor the EURO to continue its uptrend.
Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in FXE over the next 72 hours.