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EUR/USD Bounces Back and Puts in New High on the Year Above 1.38

You can see on your charts that EUR/USD made a complete 180 during the 2/28 session compared to the topping and bearish price action earlier in the week.

Price not only broke the 2-week high of 1.3772, but also cracked the 1.38 handle establishing a new high on the year.

(EUR/USD 4H chart: click to enlarge)
Bullish EUR data and bearish USD data:

In the European session, there were good German retail sales data, and stable CPI data followed by worse than expected second estimate of Q4 GDP in the US.

Since the pop occurred during the US session, the poor GDP data can be associated with the a weaker USD. Note however that the rally front-ran the data, suggesting the markets may have gotten early wind of the poor release.

The EUR is particularly strong today as well, possibility helped by good German data, and the avoidance of seeing deflationary pressure.

Bullish outlook intact
The daily chart shows that the market has flattened since November 2013, but the bias remains bullish, not signs of trouble yet for EUR/USD - bulls going into March.

(EUR/USD Daily chart: click to enlarge)