FXstreet.com (Barcelona) - The Euro has posted a sharp recovery after bouncing at 1.4805 session low on Thursday, and the pair has rallied about 170 pips, getting back most of the ground lost yesterday and reaching intra-day high at 1.4970 at the moment of writing, 0.55% above the day opening price.

Resistance levels, at the moment, lie at 1.4970, and above here, 1.5000 (Nov 17 high) and 1.5020 (Nov 16 high). On the downside, support levels are 1.4925, and below here, 1.4900 and 1.4860/70 session lows.

The Euro is approaching overbought levels and, according to the Swiss e Trade Strategy Team, minor correction might be ahead before re-testing 1.5020 high: downward correction could set in now, but not below the 1.4910 mark. Later, another upmove is in the cards, breaking the 1.4950 level, leading to a test of the 1.5020 major resistance.

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