Euro refused to follow through after last week's post-ECB action. Draghi's words certainly were a tune to bears' ears but he definitely lost some credibility after the bank failed to meet market expectations in December.

But the main thing that has been holding the pair afloat has been a sell-off in risk assets. The pair closed above 50 DMA yesterday but that may not mean a lot since it is still contained in 1.08 - 1.10 range. The top of the range is reinforced by the 2014 - 2015 trendline and 100 DMA.

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