Ahead of the ECB press conference, the cross gives some strong gain in the Asian session. If the ECB continues further stimulus, the euro will weaken further. The deflation is the main concern for the ECB. The pair is facing strong resistance at 50Wsma, it is unable to breach it. In yesterday's sell off the pair hit the 61.8 fib level. The nearest support zone is between 137.35-136.90. In yesterday's session the pair made a low at 137.39 and successfully pushed the cross towards the 50Dsma in Asia's session. The pair will get some strength above 137.72, above this, it can fly up to 137.95 and 139.18 levels. Below 136.90, the pair will face selling pressure up to 136 and 135.80 levels. Safe traders can buy only above 137.72.

For an intraday view, the prices closed and are trading below the hourly moving averages at 35DEMA and 34hrsma levels. In yesterday's session the pair faced a strong resistance level at the broken support trend line, support became the resistance bearish formula. We can see strong and safe up move only above 139.20 levels for an intraday basis and above 137.72 it will act as safe buy for an hourly basis for an hourly target at 138.15, above this, 138.26, 138.40, and 138.60 levels. Safe selling will be triggered only below 136.90.

NUTSHELL - ECB further stimulus, EURO further slide.