FXstreet.com (Barcelona) - The Euro has extended its rebound from 1.4480 low on Friday to 1.4750 high so far on Tuesday, and according to Karen Jones, technical analyst at Commerzbank, targeting 1.4845/65 area.

Intra-day resistance at 1.4670 has been eroded, which according to Jones puts the Euro on the path towards 1.4845/65 area: Intraday resistance at 1.4670 has been eroded and this should reignite upside interest towards the 1.4845/65 recent high. This remains the break up point for 1.5225/78.6% retracement.

On the downside, Jones considers near-term declines as mere corrections: We view near term weakness as corrective only. Initial support at 1.4448 guards the 1.4398/40 more important supports (55 day ma and uptrend). While above here, a positive bias will

remain entrenched.