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EURUSD

By:

Forexpros (Munther Marji )

2009-20-11

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Munther Marji

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 rose until it touched the resistance specified in yesterday's report 1.4931, stopping with great accuracy at it (the highest price for the past 24 hours is 1.4934), and it was a coincidence that after yesterday's movement, Fibonacci 61.8% resistance is also in this same area (at 1.4933). If this resistance is overtaken, then the technical outlook will have the strength to reach 1.4998 first, and if this is broke we have the right to expect 1.5082 for the first time this year. As for the support, Fibonacci 61.8% at 1.4877 is still the most important for the short-term, and if broken we will be heading towards November 13th bottom 1.4820 first, then the most important support at this stage 1.4786, where there is Fibonacci 61.8% for the rise from 1.4625 to 1.5047. Especially with the rising line from August 17th low getting close to this level.

Support:
• 1.4877: Fibonacci 61.8% for the short-term.
• 1.4820: November 13th low.
• 1.4786: Fibonacci 61.8% for the rising move from 1.4625, the most important support for the medium-term.

Resistance:
• 1.4933: Fibonacci 61.8% for short-term.
• 1.4998: intraday top from Monday.
• 1.5082: previous resistance from 2008.

Munther T. Marji
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