FXstreet.com (Barcelona) - Euro stretched above 1.4700 pushed by The USD/JPY decline, but the pair has been capped at 1.4720 and the Euro has returned to levels below 1.4700 reaching 1.4670 at the moment of writing.

Initial support level lies at 1.4645/50, and below here, 1.4605/10 (Sept 21, 24 low) and 1.4560 (Sept 15 low). On the upside, resistance levels are 1.4720 and above here, 1.4755, and 1.4800 (Sept 24 high).

A weekly close above 1.4700 would be key to maintain bullish bias, according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank: Retreating from this year's high at 1.4845, still clearly above the most recent Fibonacci retracement. Allow for more sideways work today where a weekly close above 1.4700 is needed to maintain current decent levels of bullish momentum.

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