Earlier today, EUR/USD extended losses, hitting a fresh 2015 low ahead of a European Central Bank meeting later in the day. Will today’s Mario Draghi commentary support or rather sink the common currency against the U.S. dollar? Before we know the answer to this question, it is worth to take a closer look at the technical picture of the exchange rate.

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Earlier today, data showed that Australia fourth quarter GDP increased by 0.5% as expected quarter-on-quarter, taking the annual pace to 2.5%. Thanks to these numbers, AUD/USD moved higher and approached an important resistance zone. Will we see a breakout in the coming days?

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Although USD/JPY moved higher earlier today, Etsuro Honda’s (an economic adviser to Prime Minister Shinzo Abe) commentary about implementing additional monetary easing measures by the Bank of Japan triggered a reversal and pushed the greenback lower. As a result, the exchange rate paused its rally slightly below the key resistance zone. Where it head next? North or south?

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Although today’s Markit’s data showed that its U.K. manufacturing purchasing managers' index climbed to 54.1 in Feb, beating analysts’ expectation for an increase to 53.4, the exchange rate reversed and declined, breaking under its important support line. How low could the pair go?

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Yesterday’s rally in USD Index pushed EUR/USD below its Feb lows, while AUD/USD invalidated the breakout above the upper line of the consolidation. Will today’s data on fourth quarter growth, reports on pending home sales, business activity in the Chicago region and consumer sentiment give the greenback further support? Before we know the answer to this question let’s jump into the world of charts and find out what impact did yesterday’s U.S. dollar increase have on other major currency pairs.

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