Analysts at Brown Brothers Harriman explained that the more immediate focus in on the ECB. Key Quotes: "It meets Thursday. The OIS market suggests a 10 bp deposit cut has been discounted Further out; the derivatives market expects the bottom to be near minus 50 bp. The rally in peripheral bonds is consistent with extending the asset purchases, modifying the capital key restrictions and/or increasing the size of the program. Although BBK Weidmann will not vote at this month's council meetings, it is unlikely to change the outcome. The euro has been sold from $11375 on February l1 to $1.0825 on March 2. Remembering the disappointment coupled with the sell the rumor buy the fact type of activity at the December ECB meeting, it appears that many have cut exposures, which reinforces the technical significance of the $1.08 area. The euro has not traded above its 20-day moving average since February 22. It comes in today near $1.1060. Above there, the next retracement objective is near $1.1100 and then $1.1160." For more information, read our latest forex news.