The Euro did not break the resistance nor the support specified in yesterday's report, and traded in a tight range for the past 24 hours. The resistance that is considered the upper limit for the downtrend is 1.3720, and as long as the price is below this level, we favor more downside activity, But the technical outlook changes dramatically the minute this level is broken. The continuation of the downtrend is expected, as we are still trading below the falling trend line drawn from 1.3838. Short term support is are 1.3616 and breaking it would indicate that we have lived a short correction after Friday's fall, and we are to continue falling today, targeting 1.3525 & 1.3422. But in case of breaking the resistance 1.3720, the odds of a short term uprising correction will be greater, and the ideal targets of such a correction are the Fibonacci levels 1.3778 & 1.3836. In case we get close to these areas, the resistance at 1.3836 will be important not just for the short term, but for the medium term as well.

Support:

* 1.3616: the rising trend line from 1.3530 on intraday charts.

* 1.3525: May 14th low.

* 1.3422: May 18th low.

Resistance:

* 1.3720: the falling trend line from 1.3838 on intraday charts.

* 1.3778: Fibonacci 50% for the last drop from 1.4025.

* 1.3836: Fibonacci 61.8% for the last drop from 1.4025.