The Euro broke the yesterday's resistance 1.4899, and reached the first target of this break 1.4966, and came close to 1.50 (the high until the moment of preparing this report is 1.4993). We will adopt this top as resistance of the day, if broken we will head with the Euro to the top of the rising channel on the hourly chart, which is currently at 1.5040, and may be we will reach the highest level since Aug 2008, at the resistance 1.5082. on the other hand, the support 1.4964 obviously held during the last few hours, that is why we will consider it the short-term most important support.

And if broken, what will be expected is a correction for the move up from 1.4828 (at least), which is expected to drop the price back to the important 1.4891 first (Fibonacci 61.8% for the short-term), and if broken, we can expect more drop.

Support:

• 1.4964: lowest price on intraday charts during the last few hours.

• 1.4891: Fibonacci 61.8% for the short-term.

• 1.4842-1.4849: The support area which contains the lows of Thursday & Friday.

Resistance:

• 1.4993: short-term resistance.

• 1.5040: the top of the rising channel on the hourly chart.

• 1.5082: previous daily high.

Forex trading analysis by forexpros. com - Written by Munther T. Marji