Further to my recent posts here and here, the EUR/USD Forex pair has reached a potential (double Fibonacci) support level between 1.1205 and 1.13, as shown on the following Weekly chart. A possible bounce is in store for the Euro.
Failure to begin stabilizing at this level and reclaim the major resistance level between 1.19 and 1.2125 (seen pre- and post-2007/08 financial crisis) could send the Euro plunging down to the 2000 lows of 0.8227. I can't imgine that's what Mr. Draghi has in mind with his ECB QE policy announcment earlier today...although stranger things have happened.
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