FXstreet.com (Barcelona) - The Euro has attempted two times to return to levels above 1.5000 but, in both cases, has been rejected which, according to Axel Rudolph, technical analyst at Commerzbank, suggests that the short-term risk remains on the downside.

Reversals from levels above 1.5000 suggest downside risk, with the pair targeting 1.4745 region, says Axel Rudolph: EUR/USD last week saw an emphatic rejection from the 1.5064 October peak and on Monday did not manage to climb much above the 1.50 minor psychological resistance level either. This leads us to believe that the short term risk remains to the downside with the 1.4745 region (55 day ma and uptrend) being targeted.