The Euro broke the resistance specified in yesterday’s report 1.2223, and successfully reached both suggested targets 1.2327 & 1.2412 with a perfect triumph. This climb is probably the first part of a massive rising movie, which will be correcting the latest series of collapses, which started at 1.3690 & smashed the Euro for more than 1500 pips in a few weeks. Today, will be a very important day for determining the value of this possibility. If the price goes up from here, this will indicate a correction for that massive move down from 1.3690, which will be able to take us to the 1.27-1.31 area within the next 2 weeks. It is only natural for most traders to anticipate this correction, but overexcitement could lead to premature, and wrongfully timed trades, leading to negative outcomes. As for the short term, the resistance is at 1.2364, and breaking it would indicate a continuation of this spiky climb, targeting 1.2519 & 1.2604. The support is also near, it is at 1.2320, and breaking it would take us back where we traded recently: the important 1.2252 first, then 1.2159.
• 1.2320: Fibonacci 38.2% for the rise from yesterday’s low.
• 1.2252: Fibonacci 38.2% for the rise from yesterday’s low.
• 1.2159: important intraday support.
• 1.2364: important intraday resistance.
• 1.2519: May 6th low
• 1.2604: may 12th low.