As expected, the Euro continued its rise, but until this very moment did not reach our target of 1.50. By taking a look at the two drawn channels, we see that they unite just above 1.50, which gives this area a lot of importance. And we assume very reasonably that this area is one of the best candidates to change short-term direction. Thus we must keep an open eye towards any reversal signals that could appear here.

On the other hand, if it is broken, we will get closer to 1.51, since we see the next stop as 1.5082, on the way to higher prices. The short-term support now is the nearby 1.4933, a break would signal that a correction of some kind has started. And if this is the case, what will be expected is a correction for the move up from 1.4672 (at least), which is expected to drop the price back to the important 1.4782 first (Fibonacci 61.8% for the short-term, plus the rising trendline from 1.4480 on the intraday charts), and if broken, we can expect more drop.

Support:

• 1.4933: short-term support.

• 1.4849: Fibonacci 38.2% for the short-term.

• 1.4782: Fibonacci 61.8% for the short-term, plus the rising trendline from 1.4480 on the intraday charts.

Resistance:

• 1.4962: previous daily high.

• 1.5011: the top of the rising channel on the hourly chart.

• 1.5082: previous daily high.