The EUR/USD pair weakened on Thursday after the ECB announced another comprehensive package of measures to defeat deflation.
The pair has continued to fall overnight, pushing below the key 1.1309 S3 monthly pivot level and currently trading in the 1.1230s.
There are few major technical support levels below S3. The next major level is 1.1000 which has psychological and round-number significance.
On the monthly chart there has also been a significant breakout from a large triangle which started forming in 2008 (visible in the graphic below). Using the height of this pattern as a guide indicates a downside target of 0.9690 as a minimum expectation. Parity is another key level.
All three provide potential targets. As for an entry point, ideally I'd want to see a break below both the weekly S2 pivot at 1.1217 and 1.1200 round-number for confirmation – so perhaps a break below 1.1180 to stay on the safe side, with 1.10000 as initial target.