After declining into the 1.4715 zone, the Euro recovered fast and rallied back into the mid 1.48 area, setting the daily high at 1.4860. Support is now seen at 1.4800 backed by 1.4770, 1.4750 and 1.4715. Resistance starts at 1.4830 followed by 1.4860 and 1.4890. Momentum is slightly bearish on the daily studies, hourlies being negative too at the time of this writing. We noticed on yesterday how easy it is for the Euro to recover although it declined quite a lot during the EU session. The upside is still favored although the daily bullishness lost strength due to previous days retracements. If the Euro finds good support within the 1.4800-1.4770 range, it may resume the uptrend and re-test yesterday's high at 1.4860. Else, the lower half of the 1.47 area will be reached again. Current quote is 1.4800 @07:10 GMT