The rise that we expect to be in a 5-wave mode, is still developing nicely, reaching 1.46 for the first time this year. We still believe it has enough strength to reach the top of the channel, which is slowly approaching 1.47. The resistance which stopped yesterday's rise is actually 1.4592 (yesterday's high was 1.4600), and we will adopt it as resistance of the day.

A break here would indicate strength that has the ability to lead the Euro to the top of the channel, which is currently at 1.4665. And if this resistance is broken there will be nothing separating the price from December's unforgettable top: 1.4720. As for short-term support it is 1.4548, if broken, the door will be open to a correction of this strong and sharp rise, which is expected to lead to testing yesterday's low 1.4465 and after that 1.4395: Fibonacci 50% for the whole move up from 1.4190 last week to 1.4600 yesterday.

Support:

• 1.4548: short-term support.

• 1.4465: yesterday's low.

• 1.4395: Fibonacci support 50% for short-term.

Resistance:

• 1.4592: short-term resistance.

• 1.4665: the top of the current channel on the hourly chart.

• 1.4720: the unforgettable top of December 2008.

Forex Analysis by Munther T. Marji at ForexPros. com. For more details about Forex Trading and Tips for decent earnings through Forex Trading, Please check Forexpros. com