The price of EUR/USD continues to decline after the ECB's decision to launch in March the quantitative easing program until September 2016. The volume of monthly purchases of assets will be 60 billion euros. It should be noted that this step has met the most optimistic expectations. As a result, the quotations have decreased to the lower boundary of the descending channel and after some consolidation, broke through it and continued to decline. According to our forecasts in the near future, the price will reach 1.1000. The growth within the correction the level of is limited by 1.1620. We recommend holding short positions with a stop above 1.1620 and maintain a medium-term negative outlook.