As expected, the Euro dropped after breaking 1.4934, reaching the first suggested target 1.4879 successfully, and getting close somehow to the second target and important level 1.4786. This behavior only gave us more confidence in the importance of 1.4786, where there is Fibonacci 61.8% for the up-move from 1.4625 to 1.5047, especially with the rising trendline from August 17th low, approaching this level. Short-term support is nearby at 1.4876, a break here would target Fibonacci 61.8% for the rising move from yesterday's low which is at 1.4839. This is the last notable support before the all important 1.4786.

The technical outlook for the short-term will not turn positive before breaking Fibonacci 61.8% for the drop from Monday's top at 1.4935. If this happens, the Euro will bounce to 1.4998 first, and if we can break this level, we have the right to wait for 1.5082 for the first time this year.

Support:

• 1.4876: short-term support.

• 1.4839: Fibonacci 61.8% for the short-term.

• 1.4786: Fibonacci 61.8% for the rising move from 1.4625, the most important support for the medium-term.

Resistance:

• 1.4935: short-term Fibonacci 61.8%.

• 1.4998: intraday top from Monday.

• 1.5082: previous resistance from 2008.