The Euro broke the resistance 1.4951 and touched 1.50 this morning, but it stopped before 1.5018. This will be the “resistance of the day” and breaking it will give way to reach 1.5082 for the first time this year, and may be later a jump to 1.5144.

But, exhaustion is starting to appear on the RSI indicator on many timeframes, including the hourly chart, which could weaken the Euro, and lead it to drop without breaking 1.5018. In this case, we will head towards short –term support at 1.4981, and if broken, the targets will be Fibonacci 38.2% for the whole rise from 1.4800 at 1.4925 first, and may be then 1.4878, which is Fibonacci 61.8% and the most important support for the short-term at the moment.

Support:

• 1.4981: short-term support.

• 1.4925: Fibonacci 38.2% for the last upward leg from 1.4800.

• 1.4786: Fibonacci 61.8% for the last upward leg from 1.4800, the most important support for the short-term.

Resistance:

• 1.5018: Nov 9th & 10th high.

• 1.5082: previous resistance from 2008.

• 1.5144: previous resistance from 2008.

Forex Trading Analysis by www. forexpros. com – Written by Munther Marji