EUR/USD has fallen to a low of 1.3846 during the Asian session, after closing in NY around 1.3870. EUR/USD is currently trading at 1.3855/60, slightly lower since opening.
Traders are expecting the ECB will move toward an eventual rate hike, so there is risk the hegemonic currency weakens if they get disappointed.
In a deeper analysis, the Reuters Insiders Team reported, "Bullish on the Euro, traders bet the European Central Bank will signal a rate hike later today. They are expecting Jean-Claude Trichet to sharpen his anti-inflation rhetoric as oil prices continue to soar. Immediate resistance is seen at 1.3900 where it has option related offers but further resistance is seen at 1.3947".