You explained that ECB President Draghi triggered a short squeeze in EURUSD with his assertion that “to the extent that the size of these sovereign premia hamper the functioning of the monetary policy transmission channel, they come within our mandate. Within our mandate, the ECB is ready to do whatever it takes to preserve the euro”. He warned “believe me, it will be enough”.
"The sharp rally has seen the momentum turn higher, suggesting the risk is for the strength to continue. Resistance is at 1.2402, support lies at 1.2118." He forecasted.