My dear friends here, earlier today, the Euro reached a daily high of 1.1373, which is one single pip below 71.4% micro term retracement level. Moreover, the falling trend line from February 16th high is currently running extremely close to this level. This is the first resistance we need to care about. A break above this level is expected to open the way towards significant gains, and would be a real game-changer. First target for this break is Friday’s high 1.1429, ahead of 1.1466 & 1.1499. A break above this level will make it highly probable to see a new one-month high above 1.1534. In this case 1.1567 & 1.1596 make good targets, but the expected out of this rising move is to be able to eventually overcome all of these levels, and reach a 5-week high above 1.1679.
Support starts at a minor level at 1.1347, followed by 1.1318. But I believe as long as the price does not break below 1.1296, the Euro will be in a good position to achieve more gains. This is the most important support for the short term. In the event that 1.1296 is broken, 1.1279 will be expected to come under attack, and probably even 1.1264 & the very important 1.1222. This last level is key for the long term bullish outlook, because a break below it could put pressure on January’s 11-year low 1.1097. Having said that, we also have 1.1159 in between as a potential support. Don't forget my symmetrical level in 4hr chart too. Good Luck.
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