FXstreet.com (Barcelona) - Euro has bounced from 1.4510 low on early European session, and fuelled by upbeat PMI figures, the pair has extended recovery to levels above 1.4560/70 resistance area to reach 1.4580 session high session high.

Att this point, the Euro could meet resistance at 1.4585/00 (Dec 11/14 lows) , and above here 1.4615/30 and 1.4665. On the downside, support levels lie at 1.4505 (Dec 15 low) and 1.4480 (Oct low) and 1.4445 (Aug 5 high).

Euro bearish trend, however, remains intact and according to Peter Rosenstreich, technical analyst at ACM - Advanced Currency Markets, the pair will remain capped by 1.4685 resistance: This lower trading range (1.4507-1.4575), reaffirms the bearish bias on the pair for the medium term. We still maintain our bearish view in the near term (with Friday's 1.4586 lows providing a cap for any rallies from here), looking for a revisit of 1.4480.