FXstreet.com (Barcelona) - Euro rally from November 3 low at 1.4626 has reached a fresh 2-week high at 1.5010, and the Euro is consolidating in a range from 1.4980 to 1.5010 ahead of the U.S. session opening.
On the upside, above intra-day high at 1.5010, next resistance levels lie at 1.5060 (Oct 26 high) and 1.5100. On the downside, support levels are 1.4945/60, and below here, at 1.4915 (Nov 4,5 and 6 highs), and 1.4880.
On a wider perspective, Nicole Elliott, senior technical analyst at Mizuho Corporate Bank sees the Euro trading at levels prior to October 2008 meltdown: The Euro is now back up to levels last seen prior to October 2008's meltdown, and might need to consolidate around here for another week or two. But over the year-end we expect another bout of generalized US dollar weakness.