The Euro broke the resistance specified in Friday's report 1.3300,
and created what we considered a "surprise" with this break, then it
successfully reached the first suggested target for this break 1.3387.
Our target has turned into today's resistance, since it managed to stop
the rise from 1.3200 (Friday's high was 1.3398). The issue for today is
whether Fibonacci 38.2% will continue to hold in front of this strong
climb which achieved almost 200 pips in less than 24 hours, or will it
give way to more gains? The first scenario, which we slightly prefer is
for Fibonacci to hold, and for the price to start drifting away from it,
and finally to break short term support 1.3334. IF this level is
broken, the drop will be hard, and will target approaching last week's
low, and the lowest level since Apr 30th 2009 which was 1.3200, since we
notice an important intraday support at 1.3204. IF we fall further,
1.3113 will be the next station. The second scenario is for the price to
break Fibonacci resistance 1.3387, and if this happens, the price will
jump to 1.3445, and then to the most important Fibonacci level 1.3503.
We still see this at the maximum, the upper limit, for the EURUSD at
this stage, breaking this resistance will be a huge surprise to us.

Support:

* 1.3334: Asian session low.

* 1.3204: important intraday support, very close to last week's, and
one-year low.

* 1.3113: Mar 30th 2009 low.

Resistance:

* 1.3387: the top of the falling channel on the hourly chart, and
Fibonacci 38.2% for the whole drop from 1.3690.

* 1.3445: Fibonacci 50% for the whole drop from 1.3690.

* 1.3503: Fibonacci 61.8% for the whole drop from 1.3690.