I would say that 1.37 is a psychological and historical resistance. I believe that the ECB are also determined to keep the euro lower. They will not let it rise and will use various tools to keep in low such as . The thing thing is, I believe there is inherent strength in the euro without intervention as we saw before the recent rate decision. We will see multiple attempts to breach 1.37 but ultimately they will fail. With this in mind, the risk/reward of buying the euro is not very good however range trading may be considered. ie you could buy now, but sell at a price approaching 1.37, perhaps during a period of consolidation.