The euro broke above the rising trend channel for the first time, reaching a new high for this year at 1.4746, and leaving any expectation for a correction to start in these areas, in very bad shape. A break to the upside in a rising channel is usually a signal that shows how powerful the uptrend is, which makes it only logical to expect more gains for the European single currency.

But it is required to stay above 1.4702 to be able to achieve these gains. If the Euro holds above the broken channel, it would be expected to advance to areas above 1.48, specially 14824 and 1.4880. It is very important to hold above this channel which is at 1.4702 now. If we fall back below this level we could see a good move trying to get far from the top of the channel and targeting 1.4641 and below. It is very important to keep an eye on 1.4702 today!

Support:

• 1.4702: the top of the broken channel.

• 1.4641: yesterday's low.

• 1.4560: Sep 15th high.

Resistance:

• 1.4766: previous daily high

• 1.4824: previous daily high.

• 1.4880: previous daily low.

Forex trading analysis by Forexpros - Written by Munther T. Marji