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EUR/USD continues its decline
EUR/USD has been following up on the breakdown through $1.2154 this morning, with European Central Bank (ECB) president, Mario Draghi, helping force the pair below that crucial support level.
This break points towards further downside coming into play, with the pair seemingly in retracement mode of the $1.1554-$1.2556 rally. The next key support level comes at the 50% retracement of that rally ($1.2055), with the 61.8% level ($1.1936) likely to also figure over the coming period. Follow the intraday creation of lower highs for a signal of whether this short-term downtrend is likely to continue.
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