EUR/USD: Strong bearish bias, now need to pick new range

The ECB action sets a clear agenda for the EUR and further losses look inevitable. Nevertheless, the market is short and there will be short-covering spikes.

I’d now be using 1.1500/30 as my topside resistance area and selling rallies towards there looks like a sensible move. It’s more difficult to pick any downside stopping points but many longer-term technicals have been calling for levels around 1.1200 so that might be the first area which attracts profit takers.

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