FXstreet.com (Barcelona) - Despite an initial sharp decline, ECB's announcement of buying covered bonds seems to have fuelled the Euro, which is reaching levels above 1.3400.

The Euro has recovered from 1.3250 low after the ECB released its bonds-buying plan to buy covered bonds to rocket later to l.3440 high.

Resistance levels remain at 1.3440 and above there, 1.3460/65 and 1.3580 (Apr 6 high). On the downside, support levels remain at 1.3375 (May 6 high) and 1.3350/40. Below there, 1.3290.

For more information, read our latest forex news.