FXstreet.com (Barcelona) - Euro recovery from 1.4850 session low has been halted at 1.4920 at European session opening times, and the pair has eased about 70 pips to decline to 1.4880 area at the moment of writing.

At the moment the Euro moves right above 1.4875/80 (Oct 20 low, and, below here, next resistance levels lie at 1.4845 (session low) and 1.4825 (Oct 19 low). On the upside, resistance levels lie at 1.4945 (Oct 22 low) and above here, 1.4975 and 1.5010.

The Euro has lost its bullish momentum and, according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the pair might consolidate below 1.5065 year high: Yesterday's large 'bearish engulfing' candle suggest we shall correct and consolidate below this year's high at 1.5064 this week and probably next. Dropping below the 9-day moving average.

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