FXstreet.com (Barcelona) - The Euro rallied yesterday to its highest level in May, and according to Cornelius Luca, economist at Global Forex Trading, further climbing seems likely: The Euro/Dollar rallied further to its highest level since late April, in part following an expected gain in the Ifo report, and the interim inversed head-and-shoulders looks even better. My model remains long and the top of a rising channel was blown off. Following some profit taking, the upmove should resume.

Resistance and support levels according to Luca are: Initial resistance is now seen at 1.5827. Above 1.5865, euro/dollar has distant resistance at 1.6020. mmediate support is now seen at 1.5740. The next level is 1.5685. This is followed by 1.5460.