It’s an outside reversal as the euro continues to fall

First drop in six days

Euro traders were geared up for something more-hawkish from Draghi but after teasing the market with a hint about better growth, he delivered largely unchanged forecasts and nothing to tilt the agenda towards hikes.

Technically, the fresh three week high followed by a reversal to new lows is a bearish development for the days ahead. A close below Tuesday’s low of 1.2404 would be particularly negative.

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