traderdannorcini.blogspot.com / Dan Norcini / November 6, 2014
The Euro went one way ( down ) and stocks went the other ( up ) when comments from ECB President Draghi hit the wire this morning.
What caught the attention of the Forex crowd, and the equity guys, was the indication that the Central Bank’s program of buying asset-backed securities would last for two years. That news was not in the markets.
Traders are interpreting it a evidence that the ECB is taking a more concerted stance at staving off the deflationary issues currently afflicting the Eurozone.
Here is a chart of the Euro.
The common currency has fallen through a temporary support zone that had formed near the 1.250 region. Depending on its subsequent price action for the remainder of the week, it appears headed for a test of 1.2250 zone.
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