Last week's press conference from Draghi and the ECB instilled some bearish pressure on the Euro. This week, so far we have seen several of the Euro crosses pull back. In focus is the EURUSD. The pair still has further downside potential while below the pre-ECB highs of 1.1330.

So far we have already tested the 50% Fib and pulled back a bit. Can't rule out another leg lower, but short side is favored in these levels.

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