FXstreet.com (Barcelona) - The Euro has been trading between 123.80 and 124.80 during Thursday's Asian session, after having rallied from support level at 123.00 on the day before.

The Euro has been trading in an ascendant line from level around 116.00 in Feb 17, and the European currency has entered into overbought levels in daily and hourly charts. At this point, the odds for a consolidation period or a mild pullback seem increasing.

According to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the Euro could retrace down to 122.20 before jumping higher: Consolidating at these higher levels above the Ichimoku 'cloud'. If we can hold above 122.20, roughly the mid-point of the band that has held since October, the next obvious move is for a squeeze up to trendline resistance at 128.50 and probably December's high at 131.02.