Nov. 23 (Bloomberg) -- The euro may rise to a record against the dollar should it strengthen beyond a resistance level in a range of $1.5050 to $1.5095, according to Societe Generale SA, citing trading patterns.

Technical strategists including Hugues Naka in Paris wrote in a research report today that the euro would then have to breach a range of $1.5290 to $1.5305 before advancing to the record of $1.6038, reached on July 15, 2008.

“The $1.4785-90 support area should contain any other downward attempt until the euro returns to $1.5050-95,” the analysts wrote.

The euro rose as much as 0.9 percent to $1.4990 today, the biggest intraday gain since Nov. 9. It has surged 20 percent since it fell to a three-month low of $1.2457 on March 4.

In technical analysis, investors and analysts study charts of trading patterns and prices to forecast changes in a security, commodity, currency or index. Resistance is a level where sell orders may be clustered, while support is where buy orders may be clustered.

To contact the reporter on this story: Bo Nielsen in Copenhagen at bnielsen4@bloomberg.net

Last Updated: November 23, 2009 07:52 EST