Forex: EUR/USD: Euro reaches 1.3345 intra day high ahead of ECB

The Euro has appreciated on today’s European trading session, ahead of the ECB monetary policy meeting. From 13250 low, the Euro has reached an intra-day high at 1.3345 to set back later to levels around 1.3320.

The Euro will weaken after ECB publishes its monetary policy: “On a mild recovery path this European morning, the pair is currently trading at 1.3300 from lows around 1.3250. We see some more of this recovery move coming before the ECB’s publication of its monetary policy, but then a turn downwards around the 1.3330 level, bringing the market back to its today’s lows at 1.3250.”

Resistance levels lie at 1.3345/55 area (Intra-day high) and above there, 1.3375 (May 6 high) and 1.3435 (May 5 high). On the downside, support levels lie at 1.3280 and 1.3250 intra-day low, below there, next support could be at 1.3210 (May 4 low).