FXstreet.com (Barcelona) - The Euro continues trading higher at a steady pace, as the pair has advanced almost 300 pips during the current week, closing on Thursday at 14-month high , above 1.4900, which, according to Nicole Elliott, senior technical analyst at Mizuho Corporate Bank, adds reasons to think on a long-term rally.
Yesterday's close above 1.4900 increases the possibilities of a long-term rally, says Elliott: Yesterday's close above 1.4900 adds weight to our view that we have started the next leg of a long term rally; a weekly close above 1.4800 would confirm. Bullish momentum has increased a little again but the Euro is overbought.
Resistance levels, according to Elliot lie at 1.4968, 1.500 and 1.5085. On the downside, support levels are 1.4900, 1.4845 and 1.4800.