EURUSD – No meaningful moves!

The Euro broke the support specified in yesterday’s report 1.5072, only to reach 1.5036, before coming back to the same levels it was in yesterday morning. The recent moves are still meaningless and powerless, and trading is caught in a very tight range. Short-term support is still at 1.5072, and if the Dollar succeeds in breaking it, that 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 1.5143, 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 1.5143 exhaustion will lead this pair downwards to test several support levels and important trendlines.

Support:
• 1.5072: short-term support.
• 1.4972: Fibonacci 50% for the short-term.
• 1.4937: Fibonacci 61.8% for the short-term.

Resistance:
• 1.5143: November 25th top.
• 1.5200: resistance area from 2008.
• 1.5260: resistance area from 2008.

Munther T. Marji
FOREXPROS