Euro / Dollar Technical Forex Analysis for Forex Traders

The Euro survived just above the support we presented in yesterday’s report 1.2883 with amazing accuracy (yesterday’s low was 1.2886). Then it went all the way up to break yesterday’s resistance 1.2942, and it is still approaching the suggested target 1.3026 as we speak (the high until the moment of preparing this report is 1.3016). Therefore, we await a test of the important resistance 1.3026, where there is the 2-month high. But, we will not lose interest in our newly found rising channel we talked about yesterday, and when we look 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, knowing that the bottom of the channel is at 1.2872. Moreover, we find the area between Fibonacci 61.8% at 1.3075 and May 10th top 1.3092 to be very interesting. Thus, we recommend giving attention to all these areas, and we believe that each of them will play a role in dictating today’s direction! In case we break the support at 1.2872, we will drop with the Euro for today and probably the next few days, targeting 1.2792, and 1.2691. On the other side, the resistance is at the important 1.3026. If broken, the Euro will continue its bounce from the channel bottom, targeting 1.3092 & 1.3200.

Support:

• 1.2872: the bottom of the rising trend channel on the hourly chart.

• 1.2792: Friday’s low.

• 1.2691: Fibonacci 38.2% for the whole rise from 1.2150.

Resistance:

• 1.3026: last Tuesday’s & 2-month high.

• 1.3092: May 10th high.

• 1.3200: Apr 23rd low.