The Euro spent the whole last 24 hours above the important 1.3635 support, broke the 1.3734, and approached 1.38 again, reaching 1.3785 until the moment of preparing this report, 9 pips below Friday’s top. This behavior comes in agreement, with technical outlook that we have adopted in the past 2 days after 1.3635 survived the test.

But, the Euro was supposed to achieve more than this, and not to stop on the first barrier on the way up 1.3794. The most important support for the short term now is 1.3742, and holding above it is crucial in order to achieve more gains. But if broken, we will head to another test of the important 1.3635, and breaking it would topple the price to 1.3543.

The nearest resistance is 1.3794, and if broken, the positive technical outlook will be confirmed, and we will finally see the important resistance levels above 1.38, the most important for today is 1.3861, and may be we will then see 1.3936, while the Euro approaches the 1.40 important landmark.

Support:

• 1.3742: Fibonacci 61.8% for the micro term.

• 1.3635: Fibonacci 61.8% for the short term.

• 1.3543: Mar 10th low.

Resistance:

• 1.3794: Friday’s high.

• 1.3861: Jan 29th low.

• 1.3938: Jan 28th low.