FXstreet.com (Barcelona) - The Euro rallied on Friday to recover part of the losses since end-April. Cornelius Luca, economist at Global Forex Trading sees the Euro coming out of their recent corrective move: The euro/dollar rallied to a two-week high and recovered 38.2% of the decline between April 23 and May 8. Its corrective decline is over and the pair should march higher. My model went long on Friday. Are we facing an interim inversed head-and-shoulders?
Resistance and support levels, according to Luca, stand as follows: Initial resistance is at 1.5600. Above 1.5645, euro/dollar has additional resistance at 1.5685. Distant resistance is then seen at 1.5760 and 1.5820. Immediate support is now seen at 1.5530. The next levels are 1.5460 and 1.5415. These are followed by 1.5287. Below 1.5230, euro/dollar still has distant support at 1.5150.