The EURUSD has tumbled on the back of Draghi today. It is not new news. It just came at a vulnerable time for the EURUSD as it struggled with correct higher above the ubiquitous “blue box” I have been talking about this week (see chart) and the 1.2499 area below (which was the equally ubiquitous red box also talked at length in posts this week. The up and down battle was won by the sells on the break  and the pair tumbled through the 200 hour MA (green line in the chart below) at the 1.2490 level, recent lows and the lower trend line connecting the recent lows for the pair at the 1.2438. This is now close resistance for the pair.  The next stop is the red box lows which come at the 1.2394 level. The low for the year (or bottom of the blue box (it is becoming a cliche) comes in at the 1.23572 level.

See more charts here:
http://www.forexlive.com/blog/2014/11/2 … al-levels/