FXstreet.com (Barcelona) - The Euro has extended its rally from 1.4680 above 1.4770, Oct 27 low to hit 1.4783 session high after better than expected U.S. GDP figures.

On the upside, if Euro confirms above 1.4770, next resistance levels will be and 1.4800/10 and 1.4840 (Oct 26 low). On the downside, support levels lie at 1.4685 session low, and below here, next support levels could lie at 1.4670 (Oct 9 low) and 1.4650 (Oct 7 low).

On a longer term perspective, Mohammed Isah, technical analyst at FXTechstrategy observes the need to break above 1.4845 to swing from negative bias: Break back above the 1.4844 level is required to reduce the current downside pressure and bring further gains towards its psycho level at the 1.5000 level with a breach exposing its YTD high at 1.5062.

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