FXstreet.com (Barcelona) - Unlike other majors, the Euro's reaction to improved mood has been rather restrained, as the pair remains unable to break through 1.4800/10 resistance area.

At the moment, the Euro remains at 1.4790, with next resistance levels at 1.4840 (Oct 26 low) and 1.4860/65. On the downside, support levels lie at 1.4685 session low, and below here, next support levels could lie at 1.4670 (Oct 9 low) and 1.4650 (Oct 7 low).

On a wider perspective, James Chen, technical analyst at FX Solutions, observes the Euro uptrend intact with key resistance level at 1.5060 year high: The current uptrend support line (which has now been respected at least 5 times since its inception) is part of a larger parallel uptrend channel, although for the past 4 months price has been languishing near the lower half of the channel. Today's tentative trendline bounce hints at a potential uptrend continuation (and continued dollar-weakening), but the key level to watch for confirmation of this continuation would be the noted 1.5060 high.

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