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Euro Dollar - Approaching the test of an important trendline
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Mr. Munther Marji is the founder of The Technical Trader Analysis Services, which was founded in May 2003, and still generates technical analysis & forex signals on daily & weekly basis. He came to the world of forex as a broker in Dec 2000, .....
The Euro broke the resistance 1.5050 but settled for 1.5116 only, without reaching the first suggested target 1.5144. This morning it started to fall and get closer little by little to the first important trendline which is currently at 1.5058. We believe that testing this line is only a matter of time. And if the Dollar succeeds in breaking this line, it would put the Euro under pressure, because that break would mean that we are already in a correction for the whole move from 1.4827. Such a correction would take this pair to Fibonacci 50% for the short-term at 1.4972 as a first target, and may be Fibonacci 61.8% at 1.4937 as a second target & an important support. On the other hand, short-term resistance is at 1.5101, and only breaking it would improve the “exhausted” technical outlook. If this break happens, it will target 1.5200 first, and may be 1.5260 later. But, as long as we are below 1.5101 exhaustion will lead this pair downwards to test several support levels and important trendlines.
Support: • 1.5058: the rising trendline from 1.4827 on the hourly chart. • 1.4972: Fibonacci 50% for the short-term. • 1.4937: Fibonacci 61.8% for the short-term. Resistance: • 1.5101: important intraday resistance from yesterday. • 1.5200: resistance area from 2008. • 1.5260: resistance area from 2008.  Next Analysis:
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