Traders are waiting for today's ECB press conference. The main concern in front of the ECB is the deflation. If the ECB continues further stimulus the euro will weaken further. The pair has been falling for 3 months in a row. The pair made a low at 1.2581 in September, the low remains in this month. The pair is trading at 1.2671 in Asia's session. The pair has strong resistance at 1.2750 which is a multi-month low and 1.2760 200MEma. On the down side, it has support at 1.2571, below this at 1.25 as September 2012 low, 1.2432 the 80.0 fib level, and 1.2218 200MSma levels. The major support level existed at the 1.2218 level. Is a daily close is above 20Dsma 1.2830, the weekly trend turns to positive. Until then, sell on every up move.

For an intraday view, the pair will face heavy volatility. The prices are closed above the hourly key moving averages 12ema and 35DEMA. The pair is currently trading at 1.2640, the speculator can buy with immediate targets at 1.2660, 1.2685, and 1.27 levels. The pair will face selling pressure again below 1.26 .