FXstreet.com (Barcelona) - The Euro reached a new recent low at 1.5285 yesterday, as the Dollar recovers. Nicole Elliott, senior technical analyst at Mizuho Corporate Bank sees it as a correction move: Many become very confident with the idea that the US dollar's woes are now over. We currently do not agree with this idea and feel that we are moving into an extended period of complex correction and consolidation where we will now start trying to establish trading bands.

For the next session, Elliott warns about further decline for the Euro: For this morning prices should try and hold above 1.5280 and possibly rallying to 1.5400. Then expect another downside probe towards 1.5230, 50% Fibonacci retracement.