The Euro slightly surpassed the resistance 1.4844 before completely surrendering to the downtrend. It dropped and successfully reached the first target 1.4724, and came somehow close to the second target 1.4649 (the low until this very moment is 1.4667).

In spite of this big drop, we still have not made it yet to Fibonacci 38.2% for the long term (for the rise from 1.3747) at 1.4610. Short-term support is at 1.4649, and breaking it would mean we will be targeting the above mentioned Fibonacci level first at 1.4610, and then the support area 1.4510/1.4518 that includes several daily bottoms. Short-term resistance is at the Asian session high
1.4734, breaking it would mean that the Euro will have a chance to catch a breath after this big drop. Breaking this resistance will target at least 1.4847, and may be 1.4903 as well.

Support:

• 1.4649: Oct 7th low.

• 1.4610: Fibonacci 38.2% for the long-term (for the rise from 1.374).

• 1.4510: previous support area that includes several daily lows.

Resistance:

• 1.4734: Asian session high.

• 1.4847: Fibonacci 38.2% for the drop from 1.5139

• 1.4903: Fibonacci 50% for the drop from 1.5139