FXstreet.com (Barcelona) - Euro recovery from 1.4825 low on Friday extended during Asian session and has stalled after hitting 1.4995 on early European session, and remains trading in a range between 1.4960 and 1.4995.
Despite recent pick up, the Euro is biased to the downside while below 1.5050, according to Ian Coleman, technical analyst at Turtle Futures: At the moment I still have a wave count. It will become invalid if it breaks higher than 15050. I have no signal to sell as yet but with a previous high at 15017 I am expecting a turnaround soon (I see an ascending wedge formation on the 10 mins). I would then look to 14822 as P1 (profit 1) then 1.4680 area.
Resistance levels lie at 1.4980, and above here at 1.5000/15 (Nov 12 high) and 1.5050 (Nov 11 high). On the downside, support levels lie at 1.4935 (Intra-day low/ Nov 13 high), and below here, 1.4890/00 and 1.4870.