EUR/USD muted post-ECB, near 1.1320

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - EUR/USD kept the composure following the ECB decision today, hovering over the 1.1350/10 band.

    EUR/USD now focus on Draghi

    Spot keeps depreciating vs. the greenback today, navigating the low-1.1300s after the European Central Bank left its monetary stance unchanged at its meeting, with the rates on the Main Refinancing Operations, Marginal Lending Facility and Deposit Facility at 0.05%, 0.30% and -0.20%, respectively.

    While the decision was largely anticipated, market participants will now focus on the press conference by President Mario Draghi, where the ongoing QE programme appears at the top of the agenda.

    EUR/USD relevant levels

    As of writing the pair is retreating 0.14% at 1.1323 and a breakdown of 1.1261 (50% Fibo of 1.0808-1.1713) would target 1.1254 (55-day sma) en route to 1.1181 (100-day sma). On the flip side, the next hurdle lines up at 1.1450 (downtrend from May’14 top) followed by 1.1500 (76.4% Fibo of 1.0808-1.1713) and then 1.1714 (high post-PBoC move Aug.24).
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