FXstreet.com (Barcelona) - Dollar reversal from 77.80 high on Friday has been contained at 77.45 on early Asian session, and the pair has bounced up strongly to regain lost ground, on improved risk appetite to accelerate gains above 78.00 at Wall Street opening, reaching 78.15 high.

On the upside, the pair night find resistance at 78.25 (Nov 4 high), and above here, 78.98 (Nov 1 spike high) and 79.54 (post-intervention high). On the downside, support levels lie at 77.45 (session low), and below here, 77.00 (Nov 24 low) and 76.57 (Nov 18 low).

Breach of 78.00 has confirmed the near-term bullish structure, says Slobodan Drvenica, technical analyst at Windsor Brokers: "Bulls are firmly in play, after being interrupted by pullback to initial support at 77.50. Fresh gains are testing initial target at 78.00, as the pair breaks above bull channel, confirming near-term bullish structure. Clearance of 78.00 is required to open 78.25/44, 04/01 Nov highs, next."