The Euro broke the tight range to the upside, by breaking the resistance 1.4531, but did not reach further than 1.4577, stopping close to 38.2% Fibonacci resistance for the medium term
(1.4569). But this break has improved the technical outlook, making us continue to wait for yesterday’s suggested targets, 1.4625 & the important 1.4678, but first we should see a break of
1.4569.

Short term support is at 1.4503, and breaking it would hurt the outlook for the short term to say the least, and could do more than that, because stopping close to Fibonacci 38.2% resistance for the medium term could provide a reversal point for this term (a minor possibility in our opinion). This break targets 1.4420 & 1.4359.

Support:

• 1.4503: short term support.

• 1.4420: Fibonacci 50% for the short term.

• 1.4359: previous well known support/resistance.

Resistance:

• 1.4569: Fibonacci 38.2% for the medium term.

• 1.4625: Nov 3rd low.

• 1.4678: Fibonacci 50% for the medium term.