After the ECB announced details of its QE program, the market slammed the euro across the board. Let's take a look at the EUR/USD and EUR/GBP long-term charts (monthly). EUR/USD Monthly Chart 1/23(click to enlarge)The EUR/USD has been falling sharply from the 2014-high near 1.40 and is now just above 1.11. Price has fallen below the SMAs, and is now cracking the 61.8% retracement level around 1.12. Maybe we can expect some support here in the short-term, but the downside risk towards 1.10 still exists. In any short-term bullish outlook, we should limit the upside to 1.16, which was where this week's price was oscillating around before the ECB announced QE details. The EUR/GBP is in a similar decline since 2008. EURGBP Monthly Chart 1/23(click to enlarge) The EUR/GBP has been bearish since 2008 from heights of almost 0.98. After the ECB announcement, it has fallen below 0.75, and below a rising trendline from the 2000 low (0.5683) seen in the monthly chart. It is now flirting with the 200-month SMA around 0.7360. There is a support cluster in the 0.72-0.7255 area as well, involving the 61.8% retracement and a previous resistance pivot. To the upside, we can see that the 0.7750 area could be a key resistance because it was a key support before.