FXstreet.com (Barcelona) - The Euro reversed on Tuesday from 1.5000 area at 1.4805 low, and has bounced back to levels above 1.4900 although, according to Alex Rudolpph the Euro is bound to drop to levels at the 1.4754/39 area.

The high correlation between EUR/USD and EUR/GBP is likely to weigh on the Euro, says Rudolph: EUR/USD remains capped by its 1.50 resistance area and should fall back to the 1.4754/39 region (55 day ma and uptrend), because of the high correlation between it and EUR/GBP, the latter is also expected to slide further towards the 61.8% Fibonacci retracement of the June-to-October advance at .8787.

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