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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On Wednesday, the EUR/USD pair tried to break out up, however the sharp movement up was immediately pushed back below 1.1600.

We can explain this jump on the pair as an attempt of the market to get the price higher before today’s European Central bank press conference where is widely expect that ECB will increase its QE to support ultra-low inflation.

The question right now is whether the price will go further down to its 11-years low, or it will return slightly up as market already priced in the worse scenario.

The press conference is taking place at 1:30pm GMT which is 45 minutes after they will announce a minimum bid rate. We expect very high volatility during these hours! The movement is sideways.

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Yesterday, the GBP/USD pair increased up towards its resistance level, however once the pair test the resistance to break above, the pair lost momentum and declined back.

The movement remained sideways before today’s UK labor data releases.

At 9:30am GMT the UK Claimant Count Change, Unemployment rate and Average Earning Index will come out. The prediction is to see slightly worse figures that last month which may push the pair back to the support line. The movement is sideways.

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On Monday, the EUR/USD pair slightly recovered from the 11-years low and on the thin trading day increased towards the 1.1640. However, during the Asian session the pair started to decrease and currently is moving around 1.1570.

The price did not react much on the news from International Monetary Fund downgraded the global growth outlook. The market seems to wait for more relevant data which is coming today. At 10:00am GMT the EU ZEW Economic Sentiment will be released. We should not forget, that the market will be more sensitive on negative data which would increase the probability of further QE.

Today the EUR/USD dropped but it may yet change.

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On Friday, the EUR/USD pair dropped again almost 200 pips and touched the new lowest price in 11-years. The price went as low as 1.1460 as the Euro was further pushed down on the back of the Swiss National Bank surprising announcement.

We can also see the ongoing speculation before this week’s European Central Bank meeting. The probability that Mario Draghi will introduce additional monetary stimulus during his press conference is very high and therefore we should be able to see more pressure on the pair.

However today should be quiet, as US market has remained closed due to holiday of Martin Luther King.

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