Euro Drops as ECB Meeting Looms

The euro currency’s declines accelerated on Wednesday. The common currency is trading below the 1.2100 level which it held over the past few days.

The declines come as the ECB will be holding its monetary policy meeting. Speculation is high that the central bank will increase its bond purchases.

The current declines could stall near the dynamic support off the rising trend line. This could see a confluence of the 1.2000 level holding up for the moment.

However, if the 1.2000 level breaks, then the next key support to look for will be the 1.1900 level.

To the upside, price action could stall near 1.2100.

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