The market has been expecting the ECB to announce QE and its details today, and Mario Draghi did not disappoint. The bank announced that it was going to hold the benchmark interest rate at 0.05%. It is also planning to buy 60 Billion EUR of sovereign bonds per month starting in March, and going to at least Sept. 2016. This would result in at least 1.1 Trillion EUR. The euro was consolidating ahead of this even. Some were cautious of a disappointing announcement, but Draghi brought the big bazooka. So, we should expect at least one more leg down for the euro, though it is also reasonable to anticipate some stabilization now that QE has finally be announced and almost fully priced in.EUR/USD 4H Chart (click to enlarge)The 4H chart shows the market rebounding last week from 1.1460. However, it found resistance at 1.1650 for the most part. Then after the ECB announced QE, EUR/USD fell sharply, and is now breaking into new lows on the year.A pullback should see resistance around 1.1550-1.1575. If, so, the downside risk remains towards the 1.14 handle or lower.At this point, a break above 1.1650 would be a strong signal of bullish correction with the 1.18-1.1850 level as the first key resistance. We should also limit any bullish outlook to 1.20.