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The fall of EUR/USD below the double bottom extends and the pair is trading at the 1.22 handle. Support awaits only at 1.2250. This happens at the wake of the European session, after the pair  managed to hold on to the round number throughout the late US session and the Asian one. The new low is 1.2296, and it isn’t going too far at the moment.

More:  QE is far from being priced into EUR/USD – Goldman Sachs

This is happening ahead of the ECB meeting. Is the market smelling a big announcement? Or is the move part of a wider strengthening of the US dollar?

USD/JPY is also on the move, getting very close to the very found number of 120. This other major pair trades at 119.95 at the time of writing.

Preview:  A big step towards QE? 3 scenarios

Before the all important decision of the European Central Bank, we have the retail PMI as well as 10 year bond auctions from Spain and France.

For more, see the EURUSD forecast.