Participant

Euro took a tumble this morning due to news that the ECB would increase its QE program throughout May and June due to seasonal shortages of liquidity, according to Executive Board member Benoit Coeure. This sent EURUSD from 1.1298 to 1.1160 in the space of 50 minutes. The morning star which appeared on the Day chart over the previous two trading sessions and todays downward price movement could give way to more room on the downside as the Euro corrects its small rally that started a few weeks ago. I see initial support between the top of the cloud, 1.0995, and the bottom side of the cloud, 1.0720. Stochastic day chart also shows fast line crossing over the slow line on the down side indicating more possible downward movement.

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