The Euro surpassed the support 1.4656, and settled for 1.4616, but it did nopt test or even come close to the most important resistance 1.4701. The rising trend line from Tuesday’s low (and the lower limit for the supposed triangle pattern) is currently very close to Fibonacci 61.8% for the short-term at 1.4701. This makes this double resistance the most important, and only breaking it would improve the technical outlook for the Euro. If broken, we will enter a correction for the whole drop from 1.5139, which will target 1.4796 at least, and probably 1.4862. As for the support it is at 1.4621 and breaking it would mean that the rising correction from Friday’s low is probably over, and that would target 1.4566 and then 1.4510.
 
Support:
• 1.4621: intraday support from last week.
• 1.4597: a previous well known support/resistance area.
• 1.4510: previous support area that includes several daily lows.
 
Resistance:
• 1.4701: Fibonacci 61.8% for the short-term, and the lower trendline in the supposed triangle formation that was broken on Friday.
• 1.4796: Fibonacci 38.2% for the drop from 1.5139.
• 1.4862: Fibonacci 50% for the drop from 1.5139.