The Euro broke the resistance 1.5018, and reached both suggested targets 1.5082 & 1.5144 successfully and with an unbelievable accuracy (yesterday’s high in some companies was 1.5143 and in others 1.5144). It looks like reaching 1.5144 will provide a chance to correct the last up-move from 1.4887.

Such a correction will typically target the area 1.5015-1.4985. the importance of the lower limit of this area is that it combines the rising trendline on the hourly chart, with short-term Fibonacci 61.8%, which makes it a very important support for setting the direction for what is left of the week. But, before considering this scenario the favorite one, we should see a break of 1.5077, then a visit to 1.5015-1.4985 will be highly anticipated. And if 1.4985 is taken, the Euro will fall under considerable pressure, that will initially lead to 1.4919, on the way to lower targets. Short-term resistance is 1.5138 and only breaking it would improve the technical outlook, and target
1.5200 & 1.5260.

Support:

• 1.5077: Fibonacci 61.8% for the micro-term.

• 1.4985-1.5015: a support area combining Fibonacci 50% & 61.8% for the short-term, with the rising trendline from 1.4800 on the hourly chart.

• 1.4919: previous important intraday support.

Resistance:

• 1.5138: previous resistance from 2008.

• 1.5200: previous resistance from 2008.

• 1.5260: previous resistance from 2008.