FXstreet.com (Barcelona) - Euro rally from Tuesday's low at 1.4885 has extended above 1.5000 on generalized Dollar weakness, hitting a fresh 2-week high at 1.5040.

On the upside, next resistance levels lie at 1.5045 (Nov 11 high) and above here, 1.5065 (Oct 26 high) and 1.5090. On the downside, support levels lie at 1.4950/55, and below here, 1.4925 and 1.4885 (Nov 24 low).

According to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the Euro is about to re-test year to date high at 1.5064: The euro is not at all overbought, though bullish momentum is low. It looks as though we are setting up for a re-test this year's high at 1.5064. Rising trendline and the Ichimoku 'cloud' should also provide support and suggest a long position for a break to new highs later on.

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