FXstreet.com (Barcelona) - Dollar rebound from 0.9910 low on Monday has extended during Asian and Early European sessions although the pair has been capped at 1.0175 and eased to test 1.0100 area at the time of writing.

Next support levels lie at 1.0070 (Nov 26 high) and below here, 1.0040 and 1.0025 session low). On the upside, resistance levels lie at 1.0175 (intra-day high) and 1.0200 (Nov 23 high) and 1.0225 (Nov 20 high).

Today's reversal at 1.0175 suggests that a double bottom scenario could be materializing, according to Peter Rosentreich, technical analyst at ACM - Advanced Currency Markets: This morning's sharp reversal above 1.0175 levels suggests a major double bottom scenario could be materializing with a potential neckline coming in at 1.0340. A break above this level would look to target another look above 1.0700 levels.

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