FXstreet.com (Barcelona) - The Euro has been rallying sharply during the last two days and from 1.4610 low on Monday, the pair has bounced to 1.48.43, fresh 2009 high on Wednesday's Asian session, to ease to levels right below 1.4800 and according to Karen Jones, technical analyst at Commerzbank, further correction should not be discarded.

Attemp towards to 1.4865/September 2008 peak has not been confirmed on hourly charts says Karen Jones: EUR/USD has launched a new upside attempt towards the 1.4865/September 2008 peak. This has not been confirmed on the hourly charts and we would allow for a possible corrective dip back to the 1.4534/short term pivot line - we look for the market to resume its upmove from here.

Support levels, according to Jones, lie at 1.4655, 1.4534/38 and 1.4445/48. On the upside, resistance levels lie at 1.4865, 1.4965 and 1.5000.