FXstreet.com (Barcelona) - The Euro has been going through a steady bullish trend since bottoming at 1.2465 in March, reaching the highest levels on the year so far, at 1.4653, and, according to Karen Jones, technical analyst at Commerzbank there is room for further rally.

Jones foresees a re-test of December 08 highs at 1.4720/50 area: We would allow for near term gains to extend to 1.4720 - the December 2008 high, but expect to see the 1.4720/50 region hold the initial test (it is also location of previous 6 year channel - which is now resistance), we would allow for some profit taking here. This is key short term resistance, it will act as the break up point to 1.5225

On the downside, Jones observes immediate support at 1.4445/00: Nearby support lies 1.4445/00 - key support remains the 55 day ma and uptrend at 1.4227/1.4157.