Euro / Dollar Technical Forex Analysis for Forex Traders

We can say that the Euro is still facing trouble in the 1.5045-1.5062 area, and with closing on towards 1.5082 very slowly, we should be on the watch for a top near this level, where a relatively sizable correction is expected to begin. The most important resistance for now is 1.5082, and only breaking it would weaken the probability of a top formation in this area. The most important support is the bottom of the rising channel on the hourly charts, which meets the moving average SMA100 at 1.4992. If broken, we expect a correction to match the rise from 1.4480, which would take the price in the next few days to 1.4840 at the very least. But, if things go against our expectations, and the price rise and breaks 1.5082, that would open the way towards 1.5144 & 1.5200.

Support:

• 1.4992: the bottom of the rising channel on the hourly chart, and the moving average SMA100.

• 1.4896: clear support area on the hourly chart.

• 1.4840: Fibonacci 38.2% for the whole move from 1.4480.

Resistance:

• 1.5082: previous daily high from 2008.

• 1.5144: previous support area that contained more than one daily low during last year.

• 1.5200: previous resistance area from 2008.




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