Despite euro's rally to a fresh year's high of 1.4845, subsequent selloff to 1.4685 on active long liquidations suggests recent uptrend has indeed formed a temporary top there and consolidation with downside bias would be seen and below said level would bring stronger correction of recent upmove, however, key support at 1.4611 should contain downside.  
  
In view of this, investors should sell on any recovery as res at 1.4845 is expected to remain intact. In the unlikely event, euro penetrates 1.4845, then one more marginal rise cannot be rueld out, however, 1.4900/10 should cap upside.