This morning after below consensus CPI data from Saxony in Germany we see lower levels again in EUR/USD. A look at the 2 hour chart shows a re-test of the strong support level in the 1.3600:10 area. If this level holds on an hourly closing basis we could see a recovery again from near current levels back up towards 1.3630:40, potentially even higher. While we do not expect any stronger rally ahead of the ECB meeting on Thursday we are short term bullish against support at 1.3600 and 1.3588. Intraday traders should prefer the long side of the market as we anticipate a re-test of last weeks high.