The Euro is approaching 1.37 as these words are written, and it has topped Fibonacci 76.4% for the short term (1.3686) with very few points, before retreating marginally to 1.3667. We have attached a chart with a suggested wave count, in which there is a set of 5 clear waves, with all the Elliott rules respected within this set.

Thus, as long as the Euro is below the point which started this set, we assure the downtrend is in control, and we assume that the rise from 1.3529 on Friday which is approaching 1.37 now, is only a corrective one. The resistance
1.3686 will be resistance of the day. If this level is broken, the Euro will jump to .3769 & may be 1.3838 as well. If the price starts to go above 1.37, it is important to keep an eye on 1.3734, because this top has a lot of "Elliott" importance (since below it: downtrend, and above it: uptrend). As for the support it is at 1.3652, breaking it would target 1.3590, and Friday's bottom 1.3529 which may be important.

Support:

* 1.3652: Fibonacci 38.2% for the short term.

* 1.3590: Fibonacci 61.8% for the short term.

* 1.3529: Friday's low.

Resistance:

* 1.3686: Fibonacci 76.4% for the drop from 1.3734.

* 1.3769: the top of the falling channel on the hourly charts, and a very important resistance for the short term & the medium term.

* 1.3838: Feb 9th high.