ECB reaction: The EUR/USD consolidated yesterday after the ECB statement and press conference. I noted that a pullback was insignificant unless it broke above 1.28, and it did not. It came up to 1.2788 during the 11/9 Asian session, but fell sharply during the European session. Downside: As we get into the 11/9 US session, the EUR/USD has slid away from 1.28 and about to tag 1.27. I think we should hold under 1.28 now, but won’t be surprised for another venture here in a more significant pullback than the one we had after the ECB risk event. If the market can now clear below 1.27, the focus remains to the downside, ... (full story)