EUR/USD muted after Draghi's comments

FX:EURUSD   Euro Fx/U.S. Dollar
98 1 2
"Longer term we still have major concerns over China but for the moment it backstops risk sentiment and that's negative for the yen and euro             ."
- Royal Bank of Canada (based on Bloomberg)

Pair's Outlook
ECB President Draghi confirmed his readiness to act in March, which used to have an immediate bearish impact on the Euro             vs Dollar. The pair slumped towards 1.1150, therefore closing the session almost 90 pips lower from the opening mark. The bears are aiming at the support cluster near 1.11, namely the monthly R2, weekly S1 and 20-day SMA . Success here should imply a sell-off down to the major 200-day SMA at 1.1053. This level will be expected to contain a decline for some period of time, given that daily technical indicators remain committed to the bullish scenario.

Traders' Sentiment
The number of long positions in the SWFX market declined to 44% by Tuesday morning             from 46% a day earlier. Meantime, pending orders remain slightly bearish with respect to the pair.
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