FXstreet.com (Barcelona) - The Euro retreated from 1.5064 year to date high to 1.4845 and its recovery attempt has been capped at 1.4925, suggesting that the Euro has lost its bullish momentum and, according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, the pair could consolidate below this year's high.

Yesterday's bearish engulfing candle suggests consolidation below 1.5060 for this week, says Elliott: Yesterday's large 'bearish engulfing' candle suggest we shall correct and consolidate below this year's high at 1.5064 this week and probably next.

On the downside, Elliott expects 1.4770 to hold Euro bearish attempts: Dropping below the 9-day moving average and hopefully finding support at the 26-day one at 1.4770 and short term 50% Fibonacci support.