Risk on the pair remains to the downside, albeit Draghi’s wording can lift intraday volatility; technically, the 4 hours chart maintains the bearish tone with price well below a bearish 20 SMA now capping the upside around 1.2880, and momentum retracing from its midline after correcting oversold levels: some follow through above mentioned resistance may see price extending up to next resistance at 1.2920, where sellers are expected to defend the level. On the other hand, below 1.2810, the bearish continuation may extend quickly down to 1.2770, in route to 1.2740 critical midterm support.
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