The main risk for EURUSD now is further losses after the ECB QE news

The euro is heading south and we may not have seen the last of it

The ECB going €30bn for 9 months isn’t that dovish to me so I’m a bit perplexed by the move in EURUSD, even though at only 70 pips so far, it’s not breaking any new ground. However, the big risk is that it’s hard to see Draghi saying anything that will change this sentiment. He’s hardly going to talk hawkishly about it so there might be a few players/algos who are going to try and take this lower when he speaks.

We’re not even that close to one of the main levels I highlighted on my levels post so that tells you that there’s not really that much money trading this news. These closer levels might have more of a bearing now but we’re at the risk of the headlines so anything can happen still.