FXstreet.com (Barcelona) - The Euro has dropped more than 400 pips from Friday's high at 1.3590 to 1.3150 levels reached on Monday's European session, adding to a corrective decline from 1.3740 high on Mar 19 and 23.

According to UBS Bank, so far the Euro remains trading in a upward moving direction: Friday's dive of EURUSD is in our view not opposing the rising trend.

UBS points out to 1.30/1.31 levels are key to determine whether this is a normal correction or part of a deeper downward move: On Friday the ultimo was traded and March was a very volatile month. It started with a low of 1.2460 and reached a high of 1.37. We look closely to support at 1.30-1.31 to check if this is a normal correction.