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The EUR/USD pair fell during the Wednesday session as the Federal Reserve failed to provide any hands on or hints that further stimulus was coming. This leaves the ball in the ECB's court, and now it appears that the European Central Bank will be the sole central bank that eases monetary policy in the short term.
This of course makes sense that the Euro would fall against the US dollar, as there will be a larger supply of that currency as the central bank eases. Needless to say, the downtrend remains intact, and we feel that a move below 1.22 opens the door to the 1.20 handle.
As for buying this pair, there is no real trigger that we have right now as we see a ton of noise between here and 1.27 going higher. This is simply a currency pair that we will not buy, and as such we think that it is a sell on the rallies type of situation.