FXstreet.com (Barcelona) - The Euro has retreated from 1.4840, fresh 2009 high during European session, consolidating below 1.4800 and approaching September 17 high at 1.4765 at the moment of writing.

On a wider perspective, Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets, sees the Euro likely to bounce up to test 1.4875 area: The pair looks like it's broken out the top of the descending triangle we saw last night on the 15-minute chart and it seems very likely we could see a run higher to the major resistance at 1.4875-1.4900 as risk appetite drives USD lower.

Resistance levels, according to Rosentreich lie at 1.4870, 1.4850 and 1.4910, on the downside, support levels are 1.4700, 1.4569 and 1.4520.