FXstreet.com (Barcelona) - After reaching a fresh monthly high at 1.3470, EUR/USD has fallen around 90 pips to 1.3380 level, the pair is currently trading below 1.3400 level.

According to Lena Manousarides, SpikeCharts' analyst, today's rate decision was crucial for the Euro's direction: Heavy EUR/USD trading followed the ECB's decision to cut rates by 25 points and the pair seems poised for further gains towards 1.35; where a clear break of 1.3470 could potentially boost the Euro towards 1.3530. Seeing as 200 points have been gained already today, we may see some consolidation soon, however if the Euro proves to be made of sterner stuff, any dips which may occur could see shrewd traders using them to build further longs. For this to be a possibility however, 1.3269 must hold.

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