FXstreet.com (Barcelona) - The Euro reached yesterday the highest level since end April, Cornelius Luca, economist at Global Forex Trading talks about an inversed head-and-shoulders: The euro/dollar rallied to its highest level since late April and the interim inversed head-and-shoulders I was wondering about the previous day came to fruition. My model remains long. The rising channel remains in place.

In regards to support and resistance, these are, according to Luca, the next levels: Initial resistance is now seen at 1.5680. Above 1.5740, Euro/Dollar has distant resistance at 1.5865. Immediate support is now seen at 1.5595. The next level is d 1.5510. This is followed by 1.5397.