The euro went up encouragingly against the US dollar yesterday at the Asian trading session, but the boost may not last, according to Charmer Charts, a forex trading analytics firm.

Amid a highly risk-averse environment, the euro sold well on Monday, peaking at $1.4485 against the US dollar and hitting a bottom of 1.4375 at the Asian session. It went back up at the European session, equaling its earlier peak at 1.4485.

As of today, the immediate resistance area for the currency is at 1.4485/00 from the April 8 high, compared to 1.4575 in the same period last year. On the other hand, immediate support was up to 1.4420 from yesterday’s low and 1.4290 from the April 8 low.

Peter Rosenstreich, a technical analyst for ACM (Advanced Currency Markets) Online Trading Services, says that the bias in the longer term remains positive. It hopes to reach 1.4489 and eventually go up to 1.4570, according to him.

Rosenstreich added that bullish biases are still strongly at work, ensuring a good level of buyer interest to bring the euro back to its peak rate of 1.4489. Above there, he said, it may be possible to challenge the 2010 high of 1.4580, from the high reached on January 13 of the said year.

However, the rally stalled yesterday and the euro stood strongly corrected in the Asian session. The euro-US dollar rate is currently just under 1.4400. however, according to Carol Harmer of Charmer Charts, the incident is likely to be short-lived.

Buyers are expecting the market to toughen up and approach the critical 1.4500 mark, Harmer said, although the road to that may be tough. According to her, the euro-US dollar pair is likely to face some over-buying in the medium term, and if it does meet the 1.4500 line, the next goal would logically be 1.5000—a highly unlikely prospect.

A new correction around the 1.4480/95 zone is also possible, Harmer said, although she does not expect it to dip under 1.4265. The good news is that if the euro breaks over 1.4535, it can mean a stronger currency with 1.4625/30 than with current short-term goals.

The euro traded lower than the US dollar today at 1.4411, a drop of 0.17% so far. The two currencies expected more support at the 1.4243 level—the low from last Thursday—and resistance from Friday’s high of 1.4488. The euro went up against the British pound, however, rising to 0.8885, but fell against the Japanese yen at 121.36.