E-Forex - The Euro rallied on yesterday, recovering from its recent losses and managed to find support in the 1.47 area. Support is formed at 1.4720 backed by 1.4705 and 1.4685. Resistance emerges at 1.4770 followed by 1.4800 and 1.4850. Bullish momentum is formed on both intra-day and daily studies. The Euro recovery points towards the 1.48 area while 1.4720 and 1.4705 will remain supportive and we believe that the retracement which has reached lows in the 1.45 and 1.46 areas is over now.
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