FXstreet.com (Barcelona) - Euro rally from 1.4650 low on Wednesday has extended on European session opening above 1.4760/70 area, reaching an intra-day high at 1.4788, with 1.4800 level on sight.

In case of consolidating above 1.4770, next resistance levels lie at 1.4805 (Sept 24 high) and 1.4840 (Sept 23 high). On the downside, below 1.4770, next support levels lie at 1.4735 (Oct 7 high), 1.4685 (intra-day low) and 1.4650 (Oct 6 /7 lows).

The Euro is entering overbought levels on hourly charts, and Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, warns about pullbacks to 1.4600 and 1.4500: Until the Euro manages a daily (and preferably weekly) close above 1.4800 we cannot rule out another test of support between 1.4600 and 1.4500.

.