FXstreet.com (Barcelona) - Euro recovery from 1.4820 low on Thursday has extended during early European session and the pair reached 1.4900 area, which is being tested at the moment of writing.

On a wider perspective, Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, advances the possibility of a consolidation period bettween 1.4700 and 1.5050: Yesterday's 'bearish engulfing' candle suggests we can 'look forward' to consolidation roughly between 1.4700 and 1.5050 for another two weeks. We continue to feel that at-the-money implied volatility should increase towards month-end.

At the moment, the Euro lies right below 1.4900/15 area (Nov 4, 5 and 6 lows) above here, next resistance levels lie at 1.4950/60 and 1.5015 (Now 12 high). On the downside, support levels lie at 1.4810/20 (Now 4, 6 and 12 lows) and below here, 1.4770 and 1.4730/35.

.