FXstreet.com (Barcelona) - The Euro has gathered momentum after sideways consolidation seen during European session, and the pair has broken above 1.4700, extending recovery from 1.4615 low to a session high at 1.4720.

At the moment, next resistance area lies at 1.4755, and above here, 1.4800 (Sept 24 high) and 1.4825 (Sept 22 high). On the downside, support levels, below 1.4700, lie at 1.4645/50, and below here, 1.4605/10 (Sept 21, 24 low) and 1.4560 (Sept 15 low).

A weekly close above 1.4700 would be key to maintain bullish bias, according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank: Retreating from this year's high at 1.4845, still clearly above the most recent Fibonacci retracement. Allow for more sideways work today where a weekly close above 1.4700 is needed to maintain current decent levels of bullish momentum.

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