FXstreet.cm (Barcelona) - Euro rejection from Yesterday's high at 1.4990 ha extended to levels below 1.4900 on early European session to hit intra-day low at 1.4840, approaching oversold levels on the hourly charts.

At this point, The Euro could perform a corrective rally, according to Carol Harmer, technical analyst at Charmer Charts: At these lower levels (1.4852/50) the market will be oversold on the hourly charts so would expect this support to hold and promote a corrective rally. Buyers will be in at these lower levels and they will only reverse if the market breaks through 1.4820.

On the upside, Harmer points out to 1.4945 as the target to a potential corrective rally: Resistance as stated is at 1.4945 and this is where the market will head for on a corrective rally. Buyers are expected to cover to here. You should also find that sellers will be waiting.