Euro / Dollar Technical Forex Analysis for Forex Traders

The Euro broke the support 1.4621 and successfully reached both suggested targets 1.4566 & 1.4510. And then spent the time holding above 1.45, and that could lead to a correction of the last 5 waves down from 1.4683. If short-term resistance 1.4563 is broken, 1.4614 would be an ideal target for this correction, and at the same time the most important resistance.

Reaching it could provide a good sell opportunity. But, if its broken, the price will gain enough strength to target 1.4667. As for the support, it is provided by the rising trend line from yesterday’s low on the intraday charts, which is currently at 1.4535. If broken, we will target the important 1.4445 (the next important stop), and then 1.4405.
 
Support:
• 1.4535: the rising trend line from yesterday’s low on intraday charts.
• 1.4445: Fibonacci 50% for the long-term (the rise from 1.3737 to 1.5143).
• 1.4505: Aug 27th high.
 
Resistance:
• 1.4563: intraday resistance.
• 1.4614: Fibonacci 61.8% for the short-term, and the most important resistance.
• 1.4667: previous well known support/resistance area.