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EUR/USD recovers ground as dust settles post-Draghi

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 (Córdoba) - EUR/USD bounced from below 1.0800 and recovered some ground over the last minutes as dust settled after ECB President speech.

    Among key remarks, Draghi said they will possibly reconsider monetary policy stance at next meeting in early March as downside risks have increased again and added there are “no limits” on how far ECB is prepared to act, opening the door for more action.

    EUR/USD reacted negatively, falling to a 2-week low of 1.0777, although it managed to take back some losses, climbing to 1.0845 in recent dealings. At time of writing, the pair is trading at 1.0835, down 0.52% on the day.

    EUR/USD levels to watch

    In terms of technical levels, on the downside, next supports are seen at 1.0770 (Jan 7 low) and 1.0710 (Jan 5 low). On the upside, immediate resistances line up at 1.0975/84 (Jan 20 & 15 highs), 1.0997/1.1000 (100-day SMA/psychological level) and 1.1048 (200-day SMA).
    For more information, read our latest forex news.
     

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