FXstreet.com (Barcelona) - The Euro has declined by more tan 200 pips against the Dollar during the European trading session, after having been rejected at 1.3585, the EUR/USD has dropped below 1.3415 previous intra-week low on increased selling pressure after weak macroeconomic data in UK and Europe.

The Euro has reached a new low at 1.3365; below here, potential support could be found at 1.3330 (Jan 28 high) and next 1.3250. Nevertheless, the Euro, after the 200 pips collapse, has entered into oversold territory, and a pull back could be seen; in that sense 1.3415 and 1.3440 are the nearest levels to recover, above here 1.3495 would be exposed.

According to the Swiss e Trade Strategy Team, the Euro could recover from current levels returning to the week's trading range: The pair is about to test the lower 1.3400 support of its trading range in European trading and is currently at 1.3430. We expect recovery moves to set in today, leading again to the upper end of the trading range, above 1.3500.