The Euro broke the resistance 1.4935, and came very close to our first suggested target at 1.4998, when it reached a top at 1.4990, before retreating back to 1.49 this morning. Short-term resistance is provided by the falling trendline from yesterday's high on the intraday charts, which is currently at 1.4931. If this resistance is overtaken, then the technical outlook will have the strength to reach 1.4998 first, and if this is broke we have the right to expect 1.5082 for the first time this year.

As for the support, stopping near Fibonacci 50% for the rising move from 1.4806 to yesterday's top 1.4990 makes it an important support at 1.4898, but the most important support is at 1.4786, and if broken we will be heading towards November 13th bottom 1.4820 first, then the most important support at this stage 1.4786, where there is Fibonacci 61.8% for the rise from 1.4625 to 1.5047. Especially with the rising line from August 17th low getting close to this.

Support:

• 1.4876: Fibonacci 61.8% for the rise from 1.4806 to 1.4990.

• 1.4820: November 13th low.

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

Resistance:

• 1.4931: the falling trendline from yesterday's top on the intraday charts.

• 1.4998: intraday top from Monday.

• 1.5082: previous resistance from 2008.

Analysis by Forexpros - Written by Munther Marji.