FXstreet.com (Barcelona) - The Euro rose yesterday to levels close to the highest ever level and withdrew later on. Nicole Elliott, senior technical analyst at Mizuho Corporate Bank advances a consolidation session: Up at some of the highest ever levels but a small 'spike high' Friday hints that we shall consolidate below 1.5800 today. 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.
Strategywise, Elliott advices: Possibly attempt tiny shorts at 1.5765; stop/reverse above 1.5850 for 1.6000. Short term target 1.5725, then 1.5650 if we can manage a break below 1.5700.