FXstreet.com (Barcelona) - Euro rally from 1.4645 low on Wednesday has reached a fresh 11-month high during early European session, before easing to levels around 1.4750. The Euro remains bullish at short distance below 1.4770, Sept 25 2008 high.

According to Jamie Saettele, techncal analyst at DailyFX, the Euro remains rallying from Oct 2008 low: The EURUSD should continue to work higher and push through the December 2008 high in order to complete the entire rally from the October 2008 low. 1.4850 (100% extension of 1.2327-1.4850) is a potential target. The line extended from the March and June highs is also a potential target - that line is at 1.5160 this week and increases about 60 pips a week.

On the downside, Saetele warns about dips below 1.4450 low: Until there is some sign of a top, whether from a price or bar/candle pattern, the trend is considered up. Coming under 1.4450 (and staying below there) would be a warning that top is in place.

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