Up to 1.1677 now after the headlines hit and this price action is very important at the moment. The initial drop being reversed shows that the market may be bottoming out. The tough thing to gauge is whether the market greets the news by selling the euro on the “easing” trade or buys it on the positivity of the ECB actually doing something solid to fix the economy.

Where we finish tonight and are at into the ECB is potentially going to be a big tell for direction and that’s likely to be a big move either way.