FXstreet.com (Barcelona) - The Euro is consolidating in levels right above 1.58, Nicole Elliott observes the possibility of a new upmove for the Euro: One-month at-the-money implied volatility is expected to hold above 9.00% and could move back up to March's 12.50% if we start holding above 1.5850. For this morning expect an upside test of the 1.5835/1.5850 area, possibly with a squeeze through here to 1.5905.

Concerning strategy, Elliott advices: Possibly attempt tiny shorts at 1.5805; stop/reverse above 1.5850 for 1.6000. Short term target 1.5725/1.5700.