Euro / Dollar Technical Forex Analysis for Forex Traders

With stunning accuracy, The Euro’s rising move stopped at the resistance specified in yesterday’s report 1.2352 (yesterday’s high was 1.2351), and then, just as expected, the drop began. The price then broke the support specified in yesterday’s report 1.2307, only to settle for 1.2253! The rising move halted very close to this month’s top, which was reached on the first day of it: 1.2352. This proves how important this resistance is, that is why it will be our resistance of the day, especially after it managed to send the price down for almost 100 pips. This retreat, from a well known resistance & a target area means that the “hot” rise for the Euro is going cold! If we break the short term support 1.2255, the Euro will probably give up the latest gains. And it will target the ideal correction targets for the whole rise from 1.1875, which are 1.2169 & 1.2057. On the other hand, the resistance is at 1.2352, and as long as we are below it, dropping more & more from yesterday’s top will be expected. But if we break it, we will target the important 1.2452, and later 1.2519.

Support:

• 1.2255: Asian session low.

• 1.2169: Fibonacci 38.2% for the whole rising move from last weeks low to yesterday’s high.

• 1.2057: Fibonacci 61.8% for the whole rising move from last weeks low to yesterday’s high.

Resistance:

• 1.2352: June 1st high.

• 1.2452: the descending trend line from Apr 14th high.

• 1.2519: May 6th high.