FXstreet.com (Barcelona) - Euro mid-term rally reached levels above 1.5000, to hit a fresh 14-month high at 1.5035 before pulling back below 1.5000 on European session, although, according to Karen Jones, technical analyst at Commerzbank, the pair remains bid, targeting 1.5245.

RSI has not confirmed breach of 1.4965/15000 area, according to Jones who affirms that the Euro remains bid while above 1.4777: For now the market will remain immediately bid above the 20 day ma - this is located at 1.4777 (initial support lies at 1.4845/29). We target 1.5245/the long term Fibonacci retracement.

On the downside, Jones points out to the 20-day MA to indicate a correction lower: Only below the 20 day ma would indicate a near term corrective dip lower towards 1.4536/1.4487, prior to recovery.