The euro is trading about 0.5% higher on Tuesday. The gains have pushed the common currency to briefly rise above the 1.1400 level intraday.
A daily close above this level will confirm potential gains to come in the near term. However, given the ECB meeting due this Thursday, the euro might settle below the 1.1400 level in the short term.
If price fails to breakout above 1.1400 handle, we could expect to see some short term declines.
The initial support comes in at 1.1347 followed by 1.1261 which could keep a lid on the common currency from posting further declines.
