FXstreet.com (Barcelona) - Euro decline from 1.5000 high on Monday has found support at 1.4880 low on early European session to bounce, supported buy better than expected German consumer confidence, and reach 1.4950 area at the moment of writing.

Resistance levels lie at 1.4960/70, and above there, 1.5000 (Nov 23 high) and 1.5015 (Nov 16 high). On the downside, initial support levels lies at 1.4880 session low, and below here, 1.4830 (Nov 23 low) and 1.4795 (Nov 20 low).

Despite the recent pick up, the Euro remains bearish, and according to the Swiss e Trade Strategy Team, prone to a decline towards 1.4850: The euro is on a downtrend against the dollar that started in Asian trading and continues right now in early European market hours. Now, after some upward corrections, with the market currently trading at 1.4940, we see some more of this down movement for today, leading to lows around 1.4850.

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