FXstreet.com (Jakarta) - The EUR/USD fell following comments by European Central Bank council member Axel Weber indicating he favors extending the maturities of the ECB's loans to banks to ease credit concerns. Weber implied the ECB will announce nonconventional measures for monetary policy next month.

The EUR/USD is trying to find support. If Thursday's reports on eurozone industrial production and CPI are weaker than expected, we may see a more serious challenge of the 1.30-1.31 support as ECB easing speculation would increase, said Hans Nilsson, analyst at CMS Forex. A penetration of the short-term downtrend would be bullish for the EUR/USD.

For more information, read our latest forex news.