FXstret.com (Barcelona) - Trichet's dovish press release is damaging the Euro, whose decline extends already below 1he 1.2500/15 support line and advances towards 1.2460 Mar 4 low.

There Euro has already lost about 90 pips since the ECB released its decision to cut rates to 1.50%; The EUR/USD has dropped through support lines at 1.2550 and 1.2515, and advances towards March 4 low at 1.2460; if that level gives 1.2424 will come next, and below here, 1.2385 Nov 21 low.

The decline , however seems to be losing strength, and the Euro is entering into oversold condition, thus we can take that support at 1.2460 will remain intact.

On the upside a rebound from current levels should get above 1.2515 first, and then over 1.2550, once above here an intraday bottom would be confirmed, and the Euro could grow towards 1.2600.