The Euro surpassed the resistance 1.4734 without being able to advance, but at the same time, it did not break or approach the support 1.4649. It seems that the fluctuation we have seen has started building a small triangle pattern, with its limits at 1.4734 & 1.4681, and breaking any of these limits is what will set the direction for the short-term.

If we break support at 1.4681 we will target Fibonacci 38.2% (for the rise from 1.3747) which is now closer than ever at 1.4610, and then the support area 1.4510/1.4518 that includes several daily bottoms. Short-term resistance is at the supposed triangle pattern limit 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: • 1.4681: the lower limit for the supposed triangle pattern.
• 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: the upper limit for the supposed triangle pattern.
• 1.4847: Fibonacci 38.2% for the drop from 1.5139.
• 1.4903: Fibonacci 50% for the drop from 1.5139.
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