Draghi Walks the Walk After the ECB Meeting

Now that Draghi has unveiled a major package of stimulus measures, which suggests he did err on the side of being more aggressive than less so, if for no other reason than to tell the markets that he is prepared to walk the walk now, in an effort to thwart deflation, elicit inflation, and avert recession in the Eurozone.

The Euro has responded on the downside in a press a test of the Feb lows at 1.3480-1.3500.

Going forward, any recovery strength should hit a brick wall at 1.3580-1.3600 within the creation of a major top in EUR/USD that has an intermediate-term target zone in the vicinity of 1.3000.