FXstreet.com (Barcelona) - Today the Euro felt the downside pressure on speculation the European Central Bank President Jean-Claude Trichet, will continue to reduce the benchmark interest rate in the coming months in effort to battle a deepening recession in the Euro Zone.

The European Union's 16th nation economy is contracting faster then the Central Bank expected. Today the Eur/Usd traded as low as 1.2481 after these comments by Trichet. Currently resistance comes in at 1.2620/30 from a downtrend resistance line and we see support at about 1.2440/50, with a target of 1.2400/1.2350 (November '08 levels), said James Whyte, analyst at ForexAmericas.