FXstreet.com (Barcelona) - Euro retreated last week from levels right below 1.5145 year high to 1.4800 area on Monday although, according to Nicole Elliot, senior technical analyst at Mizuho Corporate Bank, breach above 1.5145 year to date high is still expected.
According To Elliott, Friday's reversal from 1.5100 area has postponed move to new recent high till next year: The drop has postponed the move to a new recent high (which we still expect), probably until after year-end. Therefore we shall be looking for the Ichimoku 'cloud', combined with medium term Fibonacci retracement support, to help form an interim base over the next fortnight. The same applies to most other currencies as this is a USD move.
Support levels, according to Elliott, lie at 1.4750, 1.4700 and 1.4600. On the upside, resistance levels lie at 1.490, 1.5000and 1.5065.