Although the price approached our resistance 90.74, and stopped only 9 pips below it, we have seen nothing but more semi-horizontal movement, making us gradually lose hope to feel some excitement coming from this boring pair! But, there is a slowly rising channel on the hourly chart, which contained all the previous days’ shallow moves. The channel’s top is just above short term 38.2% Fibonacci level at 90.74, making this resistance the most important for now. The bottom of this channel is at the well known support 89.56. Today’s main levels are support 90.09 & resistance 90.74, we can only hope to see some action upon a break of one of them. If we break the support 90.09, we expect to test the bottom of the channel 89.56 first, then to drop to 88.96 on the way to lower targets for the break of this channel. If we break the resistance 90.74, the correction of the drop from 93.62 will go on, with its ideal targets at 91.29 & 91.84. We believe that 91.84 is still the most important medium term resistance for now, while the medium term support is at 89.56.

Support:

• 90.09: the rising trend line from Tuesday’s low on hourly chart.

• 89.56: the bottom of the slowly rising channel on hourly chart.

• 88.96: Thursday’s low, and a previous very important support.

Resistance:

• 90.74: Fibonacci 38.2% for the short term.

• 91.29: Fibonacci 50% for the short term.

• 91.84: Fibonacci 61.8% for the short term.