On the contrary the euro fell under pressure after yesterday’s press conference of the head of the European Central Bank Trichet. The ECB left its key interest rate unchanged at 1.25%. However Trichet concluded the central bank would continue maintaining “strong vigilance” on inflation pressure, a frase which was considered as signaling for July rate increase, and added that “It means that we are in a mode where there might be in the next meeting an increase of rates, but we are never pre committed. We are not signaling any particular pace for the next decisions on our interest rates.” Nevertheless the bank lowered its forecast of inflation for the next year to 1.7%, and it could mean that the bank will not hurry in raising rates after July. Moreover the bank issued its growth forecasts for the region. According to the bank’s estimations, the eurozone economy will grow by 1.9% in 2011, up from the previous 1.7% projection, but will decelerate to 1.7% in 2012, the ECB reported. The common currency may also be under pressure amid concerns over the Greece debt problem and a lack of agreement between European authorities. Trichet rejected any direct ECB participation in a second bailout for Greece, escalating a clash with governments as they rush to craft a solution involving investors. Pair EUR/USD faced resistance at 1.47 earlier this week and extended losses in Asian trading hours today falling below 1.45.