The European Central Bank did not change its policy on Thursday. However, the release of the suspense was enough to cause the reveal of the future direction of the EUR/USD currency exchange rate. The pair began to move lower, as it passed the support of the weekly PP at 1.1227 until it reached the support of the 38.20% Fibonacci retracement level at the 1.1188 mark. By having a glance at the movements of the pair during the past few trading sessions it can be assumed that the rebound from the retracement level is a marking of the first point in a short term pattern. The pattern is most likely going to guide the pair lower to the medium term ascending channel’s lower trend line, which on Friday was close to the 1.1140 level.
