EUR/USD plummets as Draghi says to reconsider monetary policy stance at next meeting

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD fell sharply and broke below the 1.0800 level for first time in 2 weeks as ECB President Mario Draghi said it will be necessary to review and possibly reconsider monetary policy stance at next meeting in early March, as downside risks have increased again.

    EUR/USD lost more than 100 pips in a matter of minutes, leaving behind several support levels such as the 50-day SMA, and hit a low of 1.0778 as the knee-jerk reaction to Draghi’s speech.

    EUR/USD is currently trading at 1.0798, recording a 0.85% loss on the day, with immediate supports seen at 1.0770 (Jan 7 low) and then 1.0710 (Jan 5 low).
    For more information, read our latest forex news.

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