We can see on the daily chart that the resistance zone previously highlighted has performed its job well. Not only did the bearish hammer mark the swing high, but was also the prelude to two bearish range expansion days surrounding ECB’s meeting, renewed trade fears (CHF strength) and dovish remarks from Draghi yesterday. With a swing high in place we’re looking for bearish momentum to be maintained for a run towards the 1.1368 low. And, as we’ve seen a strong directional move from the 1.2005 high and break of the 200-day MA, we’re not writing off the potential for it to break lower either. And, if it does, the ... (full story)