FXstreet.com (Barcelona) - Euro decline from 1.4770 session high on better than expected U.S. retail sales data has extended more than 100 pips lower as the pair reached levels below 1.4665, Dec 8 low to hit a fresh 5-week low at 1.4650 low so far.

At the moment, teh Euro lies right above 1.4640 area, which according to Peter Rosenstreich, technical analyst at ACM - Advanced Currency Markets could trigger a decline to 1.4480: we should get some bids around 1.4640 where the 100 day moving average now comes in. If we are lucky enough to get a break out, the downside level to watch is 1.4480.

Next support levels, below 1.4640, lie at 1.4625 (Nov 3 low) and 1.4480 (Oct 2 low). On the upside, resistance levels lie at 1.4700, and above here, 1.4750/55, and 1.4780 (Dec 9 high).