FXstreet.com (Barcelona) - The Euro has been appreciating against the Dollar, and the E-Forex Team expects this trend to continue up to levels around 1.56: Recent break of 1.5550 adds fuel to the current uptrend and we are looking forward for extended gains towards 1.5600 and probably 1.5640 later. Important resistance is emerging into the 1.5575-1.5585 region formed by the 50% retracement of the 1.5845-1.5302 move and also by the high of May 11.
On the downside, the E-Forex Team foresees: On the downside, support starts at 1.5550 backed by 1.5515-25 and 1.5462. Important support is noticed also at 1.5435 and 1.5415. Current quote is 1.5561.