The initial comments from ECB Draghi that the ECB was committed to increasing the balance sheet and that there is a weakening of growth momentum This has sent the EURUSD tumbling lower through the lows for the week at the 1.24386. This is now close resistance for the pair. I am looking for the 1.2381-88 to be another target below in trading today. The genie is being let out of the bottle and this should be a catalyst for a further move lower for the pair. The 1.2131 level is the 50% of the move up from the pairs all time low level and should becomes a focus for the pair in the longer term (see Longer Term Targets chart below)
Watching the 1.2451. SHould not trade above the 1.2465 level now. The high correction has come in at 1.2446.
Looking at the 5 minute chart , the 38.2% of the move down comes in at 1.24512. The 50% comes in at 1.2465. The price should not trade above this level. The high correction point came in at 1.2446 so far. The market is volatile but the sellers remain in control.
LONGER TERM TARGETS
