FXstreet.com (Barcelona) - Euro recovery from 1.4680 low hit on Asian session has extended above 1.4800/10 resistance area, and the Euro has hit a day high at 1.4825.

Current upside reaction correct previous oversold stage for the Euro, says Valeria Bednarik, collaborator at FXstreet.com: pair needs to break above 1.4810 static resistance area to extend current rally. Bigger time frames show current movement correct previous oversold stage, and 20 SMA at 1.4850 area, along with the 38.2% retracement of the last daily bullish rally, is next key level to watch.

Resistance levels above 1.4800/10, according to Bednarik, lie at 1.4810, 1.4850 and 1.4890. Support levels lie at 1.4740, 1.4705 and 1.4680 .