FXstreet.com (Barcelona) - The Euro has bounced at 1.4825 low on Asian session, and the pair has gathered strength to rally about 125 pips higher to session high at 1.4945 on the first hours after European markets opening.

At the moment, the Euro trades at 1.4945, right below 1.4965 (Oct 15 and 16 high), and above here, next resistance levels lie at and 1.4980 (Aug 13 08 high) and 15000. On the downside, below 1.4900, support levels lie at 1.4840/45 area (Oct 14,15 and 16 low), and below here, 1.4790/00 and 1.4755 (Oct 13 low).

On a longer term perspective, the Euro approaches key resistance at 1.5000, which, according to Mohammed Isah, could trigger a downward correction: The challenge now is how EUR reacts as it approaches its big psycho level at 1.5000. We believe this should pose a threat at first(as evidenced by its Friday price failure at 1.4968) which could trigger another correction but if this view is voided and a loss of the 1.5000 level materializes, we could witness a run at the 1.5082 level, its Aug 10'08 high and then the 1.5283 level, its May 04'08 low.