FXstreet.com (Barcelona) - The Euro has posted a decent recovery since bottoming at 1.4480 low on Friday, reaching levels above 1.4650 during Monday's Asian session, and , although, the pair eased on European session opening, Karen Jones, technical analyst at Commerzbank, observes the Euro on the upside, considering last week´s decline as a mere corrective move.
Support levels at 1.4448 guards 1.4389/28 key area, and above here, the Euro maintains its positive bias, says Jones: EUR/USD's weakness last week is viewed as corrective only. Initial support at 1.4448 guards the 1.4389/28 more important supports (55 day ma and uptrend). While above here a positive bias will remain entrenched.
On the upside, Jones points out to 1.4670 to reignite rally towards 1.4845/65: Intraday recovery above 1.4670 should reignite upside interest towards the 1.4845/65 recent high. This remains the break up point for 1.5225/78.6% retracement.