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Euro pullback from yesterday's high at 1.324 has been contained above 1.3400 support area, and the Euro has launched a timid recovery attempt on Early European session, reaching session high levels at 1.3450, where the pair has been capped.

The pair, however, remains on the downside, heading towards 1.3360/40. according to Slobodan Drvenica, technical analyst at Windsor Brokers Ltd, as long as it remains below 1.3520: "Fresh decline is now under way, as market clears 1.3416, break through 1.3366/40 would target key near-term trendline support at 1.3300. Lower top is seen preceding downmove. Only break above 1.3520 firms."

Resistance levels, according to Drvenica, lie at 1.3448, 1.3501 ad 1.3520. On the downside, support levels are 1.3397, 1.3366 and 1.3340.