FXstreet.com (Barcelona) - The Euro rallied on Monday from 117.07 to 120.00 to react downwards losing all gained ground retracing to 1.16.64 during Tuesday's Asian session.

In late Asian session the Euro seems to be pulling together to move up with resistance at 118.00 on focus. In case of breaking resistance at 118.00, a bottom would have been set and further strength could fuel the Euro to 120.00.

Nicole Elliot, senior technical analyst at Mizuho Corporate Bank, observes the possibility of the Euro breaking through 120.0 level: Consolidating under the 26-day moving average and a thin Ichimoku 'cloud'. Late this week, or later this month we favour a break above the recent high at 120.04 towards the middle of the broad band which has held since October.