FXstreet.com (Barcelona) - The Euro remains steady trading in a range between 1.4820 and 1.4850, consolidating after Thursday's rally from 1.4680, in a low volume session ahead of U.S. consumer sentiment and manufacturing data which will be released later today.
To confirm upward trend, the Euro should break above 1.4845 resistance, says Mohammed Isah, technical analyst at FXTechstrategy: EUR must build on its Thursday strength and break and hold above its strong resistance residing at the 1.4844 level, its Sept 21'09 high to signal further upside gains towards the 1.5000 level. A breach of the latter will expose its YTD high at 1.5062.
On the downside, below 1.4845 support level at 1.4682 is key to defend the pair from bears, says Isah: We remain suspicious of its current recovery if it continues to trade and hold below the 1.4844 level. In such a case, its intra day low at 1.4682 will be targeted if fails to head higher with a violation of there turning attention to its LT trendline at 1.4556.