FXstreet.com (Barcelona) - Euro Dollar has been hit by worse then expected GDP figures, and the Euro has plunged below intra-day support at 1.3320 to levels at next support level at 1.3285 minutes after the data was released.

The Euro is dropping like a stone as Euro Zone posted in the Q4, largest GDP contraction since records are taken in 1995. Euro Zone GDP dropped 1.6% quarter on quarter and 1.5% year on year.

The Euro fell straight from 1.3335 to 1.3285 immediately after the figures were released. In case of further decline below 1.3285, next support levels could come at 1.3250 and 1.3220. On the upside, recovery from 1.3285 ought to cross 1.3320 previous intra-day low in order to get on the path towards 1.3385 resistance level.