I am expecting the 7430 to mark a short term low and a climb from there towards 7500 which may already be underway, to play out. If we get a dip down this morning then buying that dip is a good plan. There is yesterday's low at 7426, and a cluster of other supports around the 7415 level so we may well see this hold. Should the bears come charging and break that, then 7350 looks viable.
For the bulls, they will start today by trying to defend the bottom of the Bianca channels at the 7460 level and push to 7500 in fairly short order. We have been waiting for this flush down (felt like it was never coming at one point!) to set up the next move higher, which is how it feels like it will pan out. I wouldn't be surprised if we see 7600 before too long.
We have the ECB as the market mover today, at 12:45 BST with rate and QE decisions followed by the press conference at 13:30. The forecast is for no changes but if there are then the market will react.
So, after yesterday's moves, we may see a bit of consolidation and a bit of dip buying again. The bulls are likely to defend the 7415 area, otherwise look for a drop down to 7350. If they can make this bounce from 7430 stick then we should see a rise to 7500 today.