FXstreet.com (Barcelona) - Euro rally from Monday's low at 1.4675 has extended on Wednesday to levels right above 1.4900 for the first time since August 08. At the moment of writing, the Euro trades at 1.4905.

The Euro remains struggling at 1.4900/05 area (Aug 21 08 high), and, in case of further appreciation, the pair could find resistance at 1.4920/30, and 1.4980 (Aug 13 08 high). On the downside, support levels lie at 1.4840 (Session low), and below here, 1.4790/00 and 1.4755 (Oct 13 low).

Major resistance at 1.4875 has been broken according to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, and next stop lies at 1.5967: The EUR bulls have now taken the pair through the major resistance at 1.4876. Next stop from here is 1.4967 and thereafter 1.5346. The only hope for the bears here is that the RSI rolls over on a 4 hour chart and gets back below the downtrend line asap, otherwise one has to step aside and let the bulls take it to wherever they like.

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