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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