After 3 times of touching and holding above the support we specified in yesterday’s report 91.79 (today’s high until the moment of preparing this report is 91.75), the price is back above 92. Actually it is closing on the most important resistance for the short term: 92.99. The importance of this levels comes from the fact that it is Fibonacci 61.8% for the drop from 93.62. Incase the Dollar can go above it, this pair will test the exciting resistance 93.49, and if this one is also broken we will jump to 94.31. On the other hand, the support has become far now, it is still at 91.79, which proved with no doubt that it is very Important. As long as the price is above this level, the technical outlook will be neutral to positive. But if it is broken, the price will probably drop to two very important levels 90.75 & 90.09. The latter is the single most important support at this stage.

Support:

• 91.79: important intraday level.

• 90.75: Fibonacci 50% support for the rise from Thursday’s low.

• 90.09: Fibonacci 61.8% support for the rise from Thursday’s low.

Resistance:

• 92.99: Fibonacci 61.8% for the short term..

• 93.49: previous hourly resistance, very close to last Monday’s top.

• 94.31: previous hourly support.