FXstreet.com (Barcelona) - Euro retreat from 1.5145 year high has found support at 1.4830 on early European session, and the pair has picked up ever since, reaching levels above 1.4900 at the moment of writing, approaching resistance at 1.4915.

In case of extending recovery above 1.4915, next resistance levels lie at 1.4955 (Nov 26 low) and 1.4975/80. On the downside, support levels lie at 1.4870/80, and below here, 1.4830 (session low low), and 1.4800 (Nov 20 low).

On the daily chart, Ian Coleman, technical analyst at Turtle Futures, warns about teh Euro breaking the weedge formation and its potential bearish outcome: We have broken free today and I am pretty certain that we will close outside. A wedge pattern breakout target can be the start of the wedge formation. I don't mean to worry you but that is at 1.25-1.2600 area.

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