FXstreet.com (Barcelona) - Euro reversal from late October highs at 111.60 found support on Friday at 102.45, and the pair has bounced up sharply amid widespread Euro strength, reaching nearly two-week highs at 104.45.

On the upside, the pair might find resistance at 104.70/75 (Nov 10/14 low), and above here, 105.50 (Nov 15 spike high) and 106.20/30 (intra-day level). On the downside, support levels lie at 103.80 (intra-day level), and below here, 103.05/10 (session lows) and 102.50 (Nov 25 low).

The pair has breached beyond the hourly falling channel, suggesting a corrective phase higher, says Bijoy Kar, technical analyst at MIG Bank: "In fact the fall that has taken place since 111.60 has the appearance of a corrective phase, suggesting scope for a further leg higher. The break out of the hourly falling channel that has taken place during the most recent session is now suggestive of a larger corrective phase higher."