the Euro-Dollar is up 2 points! The euro broke the bracket specified in the report of 1.3188 yesterday, and successfully achieved the first aim of 1.3113 with incredible accuracy (the low yesterday was EXACTLY 1.3113). Although prices rebounded above 1.32 (which confirms the importance of 1.3113), there is no change in the technical perspective, we still believe that this downtrend is capable of breaking the record 1.30, and enter the 1.20s for first time in a year. But after the collapse of yesterday we could see an upward correction, or in fact we are probably already in one, which must remain within the channel drawn on the accompanying graph. That’s why today we will focus on short-term levels, waiting for one of us the address for the next few hours. The short term support is around 1.3190, and its rupture would indicate a drop to 1.3113 again, maybe get to see 1.3050.
Resistance is at 1.3232, and its rupture would confirm that we are in a Correction to yesterday’s crash, with the ideal target to 1.3299, and the maximum target channel at the top of 1.3340. We see that it is very difficult for the euro decisively break this resistance. Support: a 1.3190: Support intraday important. a 1.3113: Low of 30 March 2009. a 1.3050: Rise of the April 20, 2009. Resistance: 1.3232 a : Resistance Intraday important.
a 1.3299: 61.8% of Fibonacci to the last drop from 1.3414. a 1.3340: Stop downstream channel on the chart for hours. Analysis by: Forexpros.es Munther involving Marji. Forex further information