Although the Euro has touched the 1.34 areas, it did not hold above
1.3387, even after trying twice, it went back to fall in both cases. And
although it reached 1.3414, the issue for today is still 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 1.3337. 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:

* 1.3337: Fibonacci 61.8% for the short term.

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

* 1.3113: Mar 30th 2009 low.

Resistance:

* 1.3387: 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.