The Euro held around the secondary Fibonacci support of 23.6%, which is in the 1.4620 area, and went back up to above 1.47. The "limited" move of yesterday had "limited" effect. We have re-drawn the channel, to make it comprehensive, and to include all the price behavior since the beginning of the month. The bottom of this new channel is exactly at Fibonacci 38.2% support 1.4541, which makes this support a candidate to be the decisive area separating positive from negative territory.

As for the short-term , the support is 1.4705, and a break here would initiate a correction for the rise from yesterday's low, ideally targeting 1.4656, the support that if broken would open the road to test the most important support for now 1.4541. Short-term resistance is 1.4756 and breaking it is the key to reach 1.48 for the first time this year, where some targets await us, especially 1.4824 and 1.4901.

Support:

• 1.4656: short-term support.

• 1.4541: Fibonacci 38.2% for the medium-term, and the bottom of the rising channel from the beginning of the month. The most important support for now, breaking it would mean the end of the uptrend for the medium-term.

• 1.4471: Fibonacci 50% for medium-term.

Resistance:

• 1.4756: short-term resistance.

• 1.4824: previous daily high.

• 1.4901: previous daily high.

Forex trading analysis by www.forexpros.com - Written by Munther T. Marji