Euro / Dollar Technical Forex Analysis for Forex Traders

The Euro accurately reached the retest level that we specified as 1.4588 (yesterday's low 1.4592), and retested the broken channel successfully. Then it started rising and reached the important Resistance 1.4720 this morning, which was specified as the most important target in yesterday's report (the high until the moment of preparing this report is 1.4716). The Euro could keep these benefits, and advance even more if price stays above the short-term support 1.4668, which is the rising trendline from Friday's high, on the intraday charts. If we stay Friday's high, on the intraday charts. If we stay above it, there will be another attempt to break 1.4720 and head higher. And although we notice a resistance at 1.4776, we believe that if the Euro breaks 1.4720, then it will be able to reach areas above 1.48 within 24 hours after the break, first of which is 1.4824, then new highs above the tops of September 22nd & 23rd.
Support:
• 1.4668: the rising trendline from Friday's low.
• 1.4592: yesterday's low.
• 1.4509: Fibonacci 50% for the rise from 1.4176 to last week's top 1.4842.
Resistance:
• 1.4720: the resistance area that stopped the Euro from rising 3 times lately.
• 1.4776: previous well known resistance.
• 1.4824: previous daily high.
Forex trading analysis by forexpros. com - Written by Munther T. Marji