FXstreet.com (Barcelona) - The Euro has shrugged off last weeks' weakness and, after bottoming at 1.4480 on Friday, the pair has rallied almost 300 pips to reach 1.4750 on Monday, and according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, it could reach 1.5000 area during the current month.

On its monthly outlook, Elliott expect a brief period of consolidation before rallying higher: Last month the Euro squeezed higher, as expected, and is now due a short period of consolidation in the 1.4600/1.4800 area, though an extension to the psychological 1.5000 level cannot be ruled out.

On the downside, Elliott considers declines should be limited to 1.4443 area: Declines are seen as medium and long term buying opportunities for an even weaker US dollar later this year. Dips might be limited to the nine-week moving average at 1.4443 which also happens to be the first Fibonacci support.