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On Thursday, the EUR/USD pair dropped more than 300 pips as European Central Bank president Mario Draghi announced that the European Central Bank is going to launch an “expanded asset purchase program” with combined monthly purchases of 60 billion euros (earlier estimated 50 billion) from March through at least the end of September 2016.

The pair moved all the way to 1.1315 which is the lowest price since September 2013. Since May 2014 when the pair started to decline, the pair has already lost about 20%. The price of the pair already took into the account the upcoming Greek elections which will take place on Sunday. If the elections do not come out as that disappointing for the market, the price might recover slightly up.

Today, pay attention to the German Flash Manufacturing and Services PMI which will be released at 8:30am GMT. The movement is downwards.

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Here are 4 tips for today's trading. This will help you decide where you should invest and what to look for:

1) Transfer of Power

Saudi Arabia is in transition following the death of King Abdullah bin Abdulaziz al Saud. A successor has already been named, and oil market reaction has been muted. Most analysts expect a smooth leadership transition and a continuation of the kingdom's oil policy.

Still, investors will be looking for indications of how Salman bin Abdul-Aziz Al Saud, the new king, intends to wield power in the world's largest exporter of petroleum. The price of oil was up by about 2%.

 2) Keep Pumping

Fahad Nazer, a former political analyst at the Embassy of Saudi Arabia in Washington, D.C., said he did not anticipate any "dramatic changes in its oil policy in the short term."

"I think that given the dramatic drop in oil prices, the Saudis might be taking a closer look at their options but if a change is made, it will likely be a function of economics, not because of the change in leadership," he said.

3) Euro is Still Dropping

European markets were higher in early trading, while Asian markets ended the week on a positive note, as investors continued to cheer Thursday's news that the European Central Bank will launch a $1.3 trillion bond buying program in March. The euro continued to plunge, falling to $1.13, and yields on Eurozone government bonds dropped.

4) Earnings and Companies

General Electric (GE) and Honeywell (HON) will report earnings before the opening bell.

Li Ka-shing's Hutchison Whampoa is in talks to pay up to £10.25 billion ($15.4 billion) for mobile operator O2, a deal that would further consolidate the UK wireless industry.

Sony (SNE) said it was postponing the release of fiscal third quarter results because of the cyberattack it suffered last year.

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What is it? It checks the change in the total value of sales at the retail level, excluding automobiles.

Automobile sales account for about 20% of Retail Sales, but they tend to be very volatile and distort the underlying trend. The Core data is therefore thought to be a better gauge of spending trends.

When? January 23^rd at 8:30am Eastern Time.

Trading Tip: If the actual higher is lower than the forecast, you can expect the CAD to rise.

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What is it? It checks the change in the price of goods and services purchased by consumers, excluding the 8 most volatile items.

Consumer prices account for a majority of overall inflation. Inflation is important to currency valuation because rising prices lead the central bank to raise interest rates out of respect for their inflation containment mandate.

When? January 23^rd at 8:30am Eastern Time.

Trading Tip: If the actual higher is lower than the forecast, you can expect the CAD to rise.

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What is it? It checks the change in the total value of inflation-adjusted sales at the retail level.

It's the primary gauge of consumer spending, which accounts for the majority of overall economic activity.

When? January 23^rd at 4:30pm Eastern Time.

Trading Tip: If the actual higher is lower than the forecast, you can expect the GBP to rise.

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