I think there is a better chance the ECB preaches a wait-and-see attitude but the market smells QE blood and the generally strong US dollar is also pressuring the euro.
It’s clear that some heavy bids are protecting 1.2300 but there are stops below that could trigger a run on more reported stops at 1.2280.
There are options running off tomorrow at 1.2265, talk of a barrier at 1.2250 and the 200-month moving average at 1.2230 if the big figure breaks.
Overall, the lack of any kind of meaningful bounce from 1.2300 has to be disheartening for the euro bulls.