FXstreet.com (Barcelona) - The Euro depreciated yesterday against the Dollar, reversing gains from previous days. Nicole Elliot, senior technical analyst at Mizuho Corporate Bank expects the Euro to remain below 1.58: Implied volatility has bounced smartly as the Euro reverses recent gains. This suggests we will hold under 1.5800 this week and maybe for another two, leading to a concerted test of first support at the 1.5400 area.

Strategywise, Elliott advices: Possibly attempt tiny shorts at 1.5490 but be prepared to add to 1.5655; stop above 1.5850. Short term target 1.5400/1.5360.