The euro rose on Thursday, while investors are waiting for details about the plans of the European Central Bank to start winding down the program of buying up bonds, while the dollar made a breather after the recent rally. The euro gained 0.16 percent against the dollar to $1.1831, moving away from Monday’s two-week low at $1.1725.
After Draghi today the EUR/USD plunged to currently trade around 1.17. I think the pair will extend its decline towards the support at 1.1690 and in case of breaking it, next bearish challenge will be 1.1660.
EUR/USD is testing the support at 1.1670 which coincides with the (MA)89 indicator on the daily time-frame. A breakout below that level will probably lead to a further move to the downside towards 1.1600.
The AUgust Low sits at 1.1624 - that is the real double bottom perhaps - 1.1655 at the moment - my (Paper) money will be betting that level holds.
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First target 1667 for really short term, then 1700, then 1740-50 then back down a little.
Price now 1650.
Stops below 1670 maybe not all gone, so better to wait post Asian, then catch it on the way up - could even take until Monday - patience when catching a falling knife 
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I agree peterma - My own thread on “Dilemma” (psychology) goes through that in a little more detail and shows my current stop at 1.1569 (paper trade but would be a real bet when I get the “feel” )
The thing about falling knives is that it definitely works in stock exchange that way, but whether this is a “Falling knife” depends whether you are betting the Euro, or the Dollar I think. confusing that one when there are two values to consider rather thann just the cash value of one ! 
[Edit - https://forums.babypips.com/t/dilemma-whats-to-do/117748/56?u=falstaff ] - [Edit 2 - And the post above that one ]
Yeah good point about fx vs stocks - makes fx all the more worthy of thought, well actually double the thought.
On the monthly it’s interesting to note that USDX /Eur/Usd made a turning point beginning of this year, just as Mr Trump came into power with a ‘I want a lower dollar’ mantra.
So guess who is choice for Fed chair will be Powell - USD negative.
Now having said that Mr Trump is no easy guy to second guess.
Then EURX monthly - higher highs and higher lows from way back mid 2015, - a real push up in the past 7 months.
So you are correct re the knife, it’s just that most guys looking at the 15min see a dagger fall from the sky today.
Yes I just did and pictured the action - First hour and a half did what you would expect - Down off and initial up, then bottomed and started to go back up - in fact it tried to go back up several times, only to print a big volume spike as shorters refused to allow it and pushed it down further.
So now perhaps we have a lot of short positions ready to Take profits ?
My feeling is that there were a lot of telephone calls today ! 
Guys, you are looking at a well-formed Head and Shoulder top in the EURUSD, with a neckline break of 1.1700 on a very large red candle, I am looking for a move down to 1.1300 where price will meet the 200-day moving average,
On yesterday session, the EURUSD dived with an extreme wide range and closed near the low of the day, in addition the currency pair managed to close below Wednesday’s low, which suggests a strong bearish momentum.
The currency pair is trading below the 10 and 50-day moving averages that should provide dynamic resistance however is trading above the 200-day moving average that should provide dynamic support.
The key levels to watch are: the 10-day moving average at 1.1757 (resistance), a daily resistance at 1.1753, a key level at 1.1684 (resistance), the 1st head and shoulders target at 1.1593 (support), a daily support at 1.1558 and other daily support at 1.1460.
EUR/USD plummeted after Draghi&Co and now has entered into bearish consolidation. US GDP ahead, let’s see how it will affect the pair.
EUR/USD is still very bearish and it may remain so next week. If it does the next target could be around 1.1400, even 1.1350.
So, will the news come out over the weekend?.. hmmm… hard call, Mr Trump knows the market well.
My best guess is early part of the week, maybe Tuesday and maybe mid US session.
Will it impact on USD?
We are talking about The Donald - when last did he make little impact?
This today:
I’m expecting some upward correction movement, but as long as Eur/Usd remain below 1.1620 level, the pair bearish trend would extended.
On the last Friday’s session the EURUSD fell with a narrow range and closed in the middle of the daily range, however the currency pair managed to close below Thursday’s low, which suggests bearish momentum.
The currency pair is trading below the 10 and 50-day moving averages that should provide dynamic resistance however is trading above the 200-day moving average that should provide dynamic support.
The key levels to watch are: a daily resistance at 1.1753, the 10-day moving average at 1.1722 (resistance), a key level at 1.1684 (resistance), the 1st head and shoulders target at 1.1593 (support), a daily support at 1.1558 and other daily support at 1.1460.
It did break out above 1.1620 and it could even move to the upside towards 1.1670, but the bearish trend is likely not over yet.
Announcement for new Fed Chair to be on Thursday - so say Bloomberg.
On yesterday session, the EURUSD rose with a narrow range and closed near the high of the day, however the currency pair managed to close within Friday’s range, which suggests being slightly on the bullish side of neutral.
The currency pair is trading below the 10 and 50-day moving averages that should provide dynamic resistance however is trading above the 200-day moving average that should provide dynamic support.
The key levels to watch are: a daily resistance at 1.1753, the 10-day moving average at 1.1700 (resistance), a key level at 1.1684 (resistance), the 1st head and shoulders target at 1.1593 (support), a daily support at 1.1558 and other daily support at 1.1460.
Eur/Usd has entred another consolidation range between support 1.1570 and resistance 1.1650/60. The pair remains bearish long-term.
EUR/USD remains range bounded and yet unable to fight the critical 1.1660 level.