FXstreet.com (Barcelona) - The Euro has picked up from 1.4615 low on Asian session although the pair has been rejected right at 1.4700, a level that according to Nicole Elliot, senior technical analyst at Mizuho Corporate Bank, should be breached to keep bullish momentum.

For the next sessions, Elliott foresees sideways trading: Retreating from this year's high at 1.4845, still clearly above the most recent Fibonacci retracement. Allow for more sideways work today where a weekly close above 1.4700 is needed to maintain current decent levels of bullish momentum.

Resistance levels, according to Elliott, lie at 1.4700, 1.4765 and 1.4800. On the downside, support levels lie at 1.4650, 1.4614/1.4600 and 1.4560.