Market is awaiting ECB press conference when Draghi may bring more news about QE tapering. What can be really important for todays price action is that ECB does not like strong EUR, which means that any comments on that topic can be bearish for EURUSD ticker. Technically, we definitely expect lower EURUSD because of that five wave decline from the highs and a three wave rise, so there is room for a drop to 1.1770, especially once 1.1866 is broken.
EURUSD, 1H
In fact, there are more USD pairs that suggests stronger US currency in the near-term. USDCHF per example has a nice pattern; a five wave bounce followed by a three wave set-back so uptrend may resume back to 0.9700.
USDCHF, 1H
