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EUR/USD muted on ECB rate decision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - EUR/USD kept the composure following the steady stance from the European Central Bank, currently gyrating around the 1.0900 handle.

    EUR/USD now focuses on Draghi

    The pair has paid little attention after the ECB kept its monetary status unchanged at today’s meeting, leaving the refi rate at 0.05%, the interest on the margin lending facility at 0.30% and the interest rate on deposit facility at -0.30%. The decision has come in in line with the broad consensus.

    The pair remains within the daily range while market participants now look to the press conference by President M.Draghi due later.

    EUR/USD levels to watch

    The pair is up 0.18% at 1.0910 with the immediate support at 1.0860 (61.8% Fibo of 1.0538-1.1059) followed by 1.0709 (low Jan.5) and then 1.0538 (low Dec.3). On the flip side, a break above 1.0987 (high Jan.15) would target 1.0997 (100-day sma) en route to 1.1059 (high Dec.15).
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