The price of EUR/USD fell sharply today after the decision of the Swiss National Bank to cancel the binding of the Swiss franc to the euro, which has led to sales of euro. The price has broken a minimum near 0.1750 and continues to decline. Quotes reached the target level of 0.1620, but failed to gain a foothold below it, and continued to decline. We expect a further fall in the price to the levels of 0.1620 euros and 0.1500. Our medium-term outlook remains negative and we recommend holding short positions with a stop above 1.2000.