The Euro fluctuated violently on Friday, breaking both the support & resistance specified in the report, but only reaching the target in the case of the support. After breaking 1.2860, the Euro reached the first suggested target 1.2807 successfully. When looking at the hourly chart, we find that Friday's dive has stopped at the bottom of a new rising channel which will be placed under our focus for today. The bottom of the channel is at 1.2807, but after the strong bounce we seen late Friday, the price built another support ahead of the channel bottom at 1.2883. In case we break today's support (1.2883) we will drop to test the bottom of the channel at 1.2807 as a first target. And if this one is also broke, then the rising channel is broken, which would leave the Euro vulnerable to more downside activity, targeting 1.2731 as a first & immediate target for this break on the way to lower targets. On the other hand, the resistance is at the important 1.2942. If broken, the price will resume its bounce from channel bottom, targeting yet another test of 1.3026, and may be then 1.3075.

Support:
* 1.2883: the rising trend line from Friday's low on intraday charts.
* 1.2807: the bottom of the rising trend channel on the hourly chart.
* 1.2731: yesterday's low.

Resistance:
* 1.2942: Asian session top, and the falling trend line from last weeks top on the hourly chart.
* 1.3026: Tuesday's & 2-month high.
* 1.3075: Fibonacci 61.8% for the drop from 1.3816 to 1.1875.