FXstreet.com (Barcelona) - The Euro is trying to set a bottom at intra-day low at 1.3320 and moves to test levels above 1.3385 on early European session.

In case of successful move above here, key levels could lie at 1.3425 and 1.3460. On the downside, support level remains at 1.3320 intra day low, once broken that support, 1.3285 and 1.3250 could come into focus.

On a longer point of view, Nicole Elliott senior technical analyst at Mizuho Corporate bank observes the possibility to a pick up leading the Euro to higher levels: The Euro is not overbought and one-month at-the-money implied volatility is lower than it has been since October. Time to start picking up again? A sustained break above last month's high at 1.3739 should see another round of short-covering send it back up towards 1.4400.