The Euro broke the support specified in yesterday's report 1.2706 and successfully reached the first suggested target, stopping only 4 pips below it! Today, yesterday's target have turned into the most important support, because it managed to stop the latest episode of the falling series which started close to 1.3105 Fibonacci level that we have talked about previously. If the price holds above this support, it will finally have a break, and we could see a rising correction after this drop of more than 500 pips in less than 48 hours! Today's resistance is at 1.2693, and breaking it would indicate we are already in a rising correction for the whole drop from 1.3092.

The ideal targets for such a correction are 1.2790 & 1.2848, which we will focus on for today. Later, the price may reach the third and ideal target for this correction at 1.2906. Support is as we said, at the target which was met yesterday 1.260, and breaking it would drag the price to 1.2511 then to a fresh cycle low at 1.2455.

Support:
* 1.2608: important intraday low.
* 1.2511: last week's & one-year low.
* 1.2455: Mar 4th 2009 low, an important bottom.

Resistance:
* 1.2693: important intraday top.
* 1.2790: Fibonacci 38.2% for the drop from 1.3092.
* 1.2848: Fibonacci 50% for the drop from 1.3092.