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FXstreet.com (Barcelona) - The Euro has shrugged off Friday's weakness and, after bouncing at 1.4800, the pair has rallied about 140 pips during Asian session, approaching 1.5000 which according to Axel Rudolph, technical analyst at Commerzbank, would be tested soon.
If 1.4770 support holds, Rudolph considers, that a re-test of 1.5000 should follow: "Provided that 1.4770 holds, a rise back towards the 1.50 resistance resistance area should ensue with the minor October-to-November resistance line at 1.5042 remaining the next upside target."
Furthermore, above 1.5042 Rudolph foresees the Euro at levels above 1.5100: "If breached, however, we expect to see an advance to above the 1.5064 October high take the currency pair towards the 1.5140/65 area."
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