EUR/USD little changed after Draghi says ECB ready to do its part

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/USD moved slightly higher but quickly resumed its slide and fell to fresh daily lows following ECB President Draghi comments.

    Mario Draghi said the European Central Bank is ready to do its part and he reiterated “the Governing Council will review and possibly reconsider the monetary policy stance in early March”.

    EUR/USD attempted to move up but it was rejected by the 1.1200 zone and turned lower, falling back to a fresh daily low of 1.1169. At time of writing, the pair is trading at 1.1177, down 0.64% on the day, while trading is expected to remain subdued as US markets remain closed for President Day.

    EUR/USD technical levels

    As for technical levels, next supports could be faced at 1.1160/63 (Feb 9, 10 lows), 1.1055 (200-day SMA) and 1.0967 (100-day SMA). On the upside, resistances are seen at 1.1249 (Feb 15 high), 1.1333 (Feb 12 high) and 1.1375 (Feb 11 high) ahead of 1.1410 (Oct 13 high).
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