Once bitten, twice shy is not a phrase much used by some market participants
BNP say that Draghi's presser was more dovish than expected and that the message was similar to the Oct meeting which laid the ground work for the move in Dec.
As such they recommend selling EURUSD at 1.0830 (they should be filled now) for a target of 1.0400 and a stop at 1.1005.
There's no doubt that many analysts are beavering away at working out what the ECB may deliver but I think that in most cases we won't be getting quite the pre-match excitement as we did for the Dec meeting. As I mentioned in my Draghi review post, I see a greater risk of markets underestimating the ECB this time because of getting it so wrong last time.
Only time will tell but as far as a lot of ECB governing council members go, if Dec was a hard sell for action, March isn't going to be any easier.
