Analysts at UOB Group explained that while speaking in the EU Parliament, ECB President Mario Draghi said the ECB will not hesitate to act in light of the recent economic and financial turmoil. Key Quotes: "He said that policymakers will focus on two things. First, to examine the strength of the pass-through of low imported inflation (namely oil prices) to domestic wage and price formation and inflation expectations. Second, to analyze the state of transmission of the bank’s monetary impulses by the financial system, particularly by banks. The down-move appears to have scope to extend lower but at this stage, any further weakness is likely limited to 1.1100. Resistance is at 1.1205 but only a move above 1.1250 would indicate that the current downside risk has subsided." For more information, read our latest forex news.