FXstreet.com (Barcelona) - Euro rally from 1.4650 low on Thursday as extended to a fresh 2-weeks high at 1.4800 on the back of Trichet's speech but rejected by the mentioned high, the Euro has reversed to levels right below 1.4750 at the U.S. session opening.

In case of consolidation below 1,.4750, next support levels lie at 1.4735 (Oct 7 high), and below here, 1.4685 (intra-day low) and 1.4650 (Oct 6 /7 lows). On the upside, resistance levels are 1.4805 1.4800/05 (Intra-day high/Sept 24 high) and above here, 1.4840 (Sept 23 high) and 1.4865 (Sept 22 08 high).

On a longer point of view, Mohammed Isah, technical analyst at FXTechstrategy sees the Euro targeting 1.4844 YTD high: Its psycho level at 1.4800 remains the immediate target. A clean invalidation of there will set the stage for a return to its YTD high at 1.4844 level with a violation of that level resuming its medium term uptrend currently on hold towards the 1.4875 level, representing its Sept 21'09 high.