The euro fell sharply against the U.S dollar, hitting 1.1624, following a more dovish than expected monetary policy statement from the European Central Bank. The euro sunk over 1.4 percent, as the ECB announced that they had a preference for open-ended quantitative easing. At present, the EURUSD pair trades around the 1.1638 level, ahead of the upcoming release of third fiscal quarter GDP figures from the U.S economy.
The EURUSD pair remains strongly bearish while trading below the 1.1660 technical levels. Further declines towards 1.1610 and 1.1580 should be expected while below this level.
Should intraday EURUSD buyers push price-action back above the 1.1660 level, the euro will likely move to test the 1.1679 and 1.1713 levels.
