FXstreet.com (Barcelona) - After declining yesterday, the Euro has bounced back in Asian session to get through 1.4700. According to Liviu Flesar, technical analyst at E-Forex: Now that it got past the 1.4700 mark, it has to establish support somewhere in the 1.4670-1.4700 range or above 1.4700 in order to put some pressure on the next resistance which is seen at 1.4755.

On the upper side Flesar advences the following resistance lines: An upward channel is formed on the 4hrs charts and its current upper trendline is seen at 1.4755 which is also the 61.8 fib retracement of the 1.4950-1.4440 move. The said resistance will most likely be tested soon if the Euro holds above the lower half of the 1.46 area, preferably in the 1.47 zone.