The Euro is approaching at this very moment the bottom of the rising channel on the hourly chart, and in the same area we noticed an intraday support that has shown itself several times lately, which adds more importance to this level. Reaching this area is the most important test for the EURUSD since reaching 1.4766 last Thursday.

If it survives here, there will be a chance to test the most important resistance for the short-term 1.4723 which is the falling trendline from last week's high, and if this resistance is also taken, we will have a good chance of seeing the top of the channel which is currently at 1.4824, this week.

On the other hand, breaking this channel would be a clear signal of weakness, and would mean that we are currently in a correction for the whole up-move from 1.4176 to 1.4766, which is going to target 1.4541 at least, and probably areas below it, the most important of which are 1.4471 & 1.4401.

Support:

• 1.4660: the bottom of the current rising channel, and an intraday support that has shown itself several times lately.

• 1.4579: previous support.

• 1.4514: Sep 14th high.

Resistance:

• 1.4723: the falling trendline from Thursday's high 1.4766.

• 1.4774: previous daily high.

• 1.4824: previous daily low.