Although it tried 3 times, the highest of which reached 1.4192, the price could not break 1.4184. The Euro kept a bottom at 1.4027, which is very close to the most important support at the moment 1.4014. Candlestick watchers can notice that Thursday’s candle is in fact a hammer, and that Fridays candle has recorded a higher high, working as a confirmation for the hammer pattern. This makes the odds favor a continuation of the rise that started at 1.4027, to at least create a matching correction for the whole drop from 1.4577.

Today’s resistance is at the intraday top 1.4177, while the support is provided by the obvious hourly support 1.4065. Breaking resistance of the day would initiate a strong rise targeting 1.4302, and then 1.4367. But if the unexpected happens and we break 1.4065, the strong & sharp drop from 1.4577 that has gained 550 pips until this moment will carry on, and will target the very important 1.4014, and may be later 1.3928.

Support:

* 1.4065: obvious support on the hourly chart.

* 1.4014: Fibonacci 50% for the long term (for the rise from 1.2885 to1.5143).

* 1.3928: Jul 15th low.

Resistance:

* 1.4177: important intraday top.

* 1.4302: Fibonacci 50% for the whole drop from 1.4577.

* 1.4367: Fibonacci 61.8% for the whole drop from 1.4577.