FXstreet.com (Barcelona) - The Euro Dollar has rallied since last Thursday, reversing previous days' losses, Cornelius Luca, economist at Global Forex Trading, points up to TrichetÂ´s contribution on the move: The euro/dollar's weakness expired abruptly early Thursday and since then the pair surged with help from the tough talk from ECB. It closed above the resistance line declining since April 22 and the outlook is pretty bullish now. The market wants to see 1.6000 again.
Resistance and support levels, according to Luca, stand as follows: Initial resistance is at 1.5817. Above it, euro/dollar retains additional resistance at 1.5930. Further resistance is then seen at 1.6020 and 1.6135. Immediate support is now seen at 1.5740. Strong support follows at 1.5650. The next level is 1.5565. Below 1.5541, Euro/Dollar now has distant support at 1.5367.