EURUSD didn't quite hit my sell zone at 1.2625 but was trounced today in early European session losing more than 150 pips off its highs at 1.2540 in the wake of a very dovish speech by Mario Draghi, wherein he stated that ECB must be very watchful that low inflation does not filter into the economy in a negative way and reaffirmed the notion that its was essential for ECB to bring inflation to target without delay.

It appears that the ECB is keen on driving the EUR/USD rate towards the 1.2000 level as the depreciating euro is one way of trying to jump start the export driven region.

Here are my analysis based on Weekly charts. I am expecting price to hit 1.2285 level and retrace back to retest 1.2500 level before hitting 1.2000 level.

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