FXstreet.com (Barcelona) - The EUR/USD, which did not have a remarkable reaction to the ECB decision to cut rates to 1.50%, has dropped more than 50 pips as immediate reaction to Trichet's press conference, dropping to 1.2515 support level.

The Euro has broken 1.2550 support level and at the moment of writing advances on strong pace towards next support level at 1.2500. On the way down, below 1.2515, next support level would be 1.2463 (Mar 4 low)

On the upside, EUR/USD should return to levels above 1.2550 in order to test 1.2600. Only above here a new intraday low would be set at 1.2515, and the pair could set an attempt towards 1.2635 resistance level.