Draghi seems rather unconvinced on quantitative easing. In early December his statement was extremely soft as to the extent that the ECB would be adding stimulus. The time horizon was extended to 2017 but I believe this is more to do with not wishing to provide many market shocks in a year of uncertainty. hasn't worked. Much of the Fed's has caused the problems that the world is facing in terms of china absorbing a lot of the extra cash flow. Technically, we have formed a weekly higher low after a period of consolidation. For me this can act as a key indicator that bearishness will not be sustained (it also acts as part of my trading strategy). Also, it could be argued that we have made a and are currently coming into a potential breakout. Also, we have a big inefficiency to fill to the upside, which can add to the feeling of bullishness returning.
1.20 looks to be a good target if using the 1.618 fib extn, but it also acts as past .