FXstreet.com (Barcelona) - Euro weakness seen last Thursday and Friday has faded on Monday, as the pair has rallied about 150 pips during Asian and European sessions, reaching 1.4990/1.5000 resistance area at the moment of writing.

According to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the Euro could attempt a re-test of year high at 1.5064: It looks as though we are setting up for a re-test this year's high at 1.5064, bullish pressure increasing fractionally if we hold above the 26-day moving average at 1.4842.

Next resistance areas, according to Elliott, lie at 1.5021, 1.5049/1.5064 and 1.5085. On the downside, support levels lie at 1.4842, and below here, 1.4833 and 1.4811/1.4807.

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