Euro / Dollar Technical Forex Analysis for Forex Traders

The Euro broke the yesterday's support 1.4964, and reached the first target of this break, and Fibonacci important support 1.4891, tested it strongly, but eventually it survived (yesterday's low 1.4881). We will adopt this support level as support of the day, because if it holds, this would mean that the short-term correction is already over, and that we are heading to areas above yesterday's high 1.4993. But, if broken, what will be expected is a correction for the move up from 1.4480, and if this is the case, targets will not be less than 1.4797, and may be 1.4737 also. Short- term resistance is 1.4950, and if broken, we will head with the Euro to the top of the rising channel on the hourly chart, which is currently at 1.5048, and may be we will reach the highest level since Aug 2008, at the resistance 1.5082. The support level at 1.4891 is the most important level for today, and is the line separating positive areas from negative.

Support:

• 1.4891: Fibonacci 61.8% for the short-term.

• 1.4842-1.4849: The support area which contains the lows of Thursday & Friday.

• 1.4797: Fibonacci 38.2% for the whole move from 1.4480.

Resistance:

• 1.4950: short-term resistance.

• 1.5000: psychological level.

• 1.5048: the top of the rising channel on the hourly chart.




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