FXstreet.com (Barcelona) - The Euro has retreated further during early U.S. session, and pullback from 2009 high at 1.4840 has extended to levels below 1,4765, as the Euro reached a fresh day low at 1.4750.
The Euro, however, remains biased to the upside, according to Valeria Bednarik, collaborator at FXstreet.com, while above 1.4730: After reaching a fresh year high early Asia at 1.4840 after NZD GDP report, that triggered more risk appetite (almost extreme at this point) across the board, pair retreat back to the 1.4800 area. Slightly bearish in the hourly and under 20 SMA, bigger time frames support some downside correction ahead, yet pair needs at least to break under 1.4730 to trigger more bearish momentum. As long as above that level, 20 SMA in 4 hour charts, chances remain to the upside.
Support levels, according to Bednarik, lie at 1.4765, 1.4730 and 1.4680. On the upside, resistance levels are 1.4840, 1.4866 and 1.4910.