EUR/USD Begins November at Critical Channel Support

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The past couple of weeks have been big for the Euro, and with a scheduled speech from Mr. Mario Draghi later on today, it looks as though traders are trying to get in front of any potential dovishness by selling the Euro in advance. On Thursday of the week before last, Mario Draghi took the podium for the most recent ECB meeting andannounced that the bank would re-examine QE at their next policy meeting in December. This was largely construed as being a signal that the bank would expand their program to offset continued deflation and lack of growth in the European economy. After that announcement, the Euro soundly sold-off against most major currencies as this expectation for further easing got priced-in.

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