Euro / Dollar Technical Forex Analysis for Forex Traders

Euro Dollar

The Euro has broken the falling trendline from Aug 27th high, and stayed above it the whole time. That is why, there is still a big probability to surpass 1.4405 and head towards areas above 1.45 for the first time this year, where targets such as 1.4510 and 1.4572 are waiting. We need to see a break of the close resistance 1.4346 to increase confidence.

If the opposite happens and we break the 1.4302 support, then we will see a correction of Friday's rise, targeting 1.4245 ideally. If this is the case then this support will be very important to decide short-term's direction. But even if such a drop happens, it will not distort the technical image before breaking 1.4245, since approaching this support and not breaking it would be a positive sign for the Euro, giving it the ambition of flying above 1.45.

Support:

• 1.4302: short-term support.

• 1.4245: Fibonacci support 61.8%, the most important support for short-term.

• 1.4183: September's 1st low.

Resistance:

• 1.4346: the high during the American & Asian sessions.

• 1.4412: Aug 7th high.

• 1.4446: the upper limit of the wide and crowded resistance area 1.4362-1.4446.