FXstreet.com (Barcelona) - Euro attempt of recovery seen during Asian session has been short lived and, after being rejected at 1.4840 right below Monday's low, the par has dropped back below 1.4800 to test 1.4770, Tuesday's low.

At the moment, the Euro trades several pips above 1.4770, and, in case of further decline ,next support levels lie at 1.4755 (Oct 13 low) and 1.4725. On the upside the Euro might find resistance at 1.4845 (Oct 26 low), and above here, 1.4860/65 and 1.4900.

Resistance area at 1.4850 will top Euro rallies today, according to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, who does not discard further decline: 1.4850 now serves as first resistance to the topside, with 1.4967 as a fairly decent resistance zone above there. 1.4760 is the near-term support, but another leg down to the lower channel at 1.4684 would not be surprising if USD strengthens again today.

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