In terms of easing monetary policy, ECB did much more than most market participants were expecting. After 120 pip decline in the first 15 minutes, the pair struggled to hold below 1.0850, a sign of strong demand at those prices.

The pair made new intraday low 10 minutes after press conference kicked off, started to retrace some of the move, and then rocketed higher after Draghi said that he sees no need to cut rates further, surging 400 pips from the low to the high in a couple of hours.

Technical picture looks bullish again with the potential new range between 1.10 and 1.15.

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