EUR/USD testing fresh lows near 1.2370 on Draghi
|- EUR comes under pressure following comments by ECB’s Draghi.
- Draghi noted inflation performance remains unconvincing.
- The pair retreated further to session lows from above 1.2400.
EUR/USD came under renewed selling pressure today following President Draghi’s speech, dropping to fresh daily lows in the 1.2375/70 band.
EUR/USD weaker on Draghi
Spot quickly abandoned the area of daily peaks above 1.2400 the figure after ECB’s Mario Draghi said the central bank needs further evidence that inflation is approaching the bank’s target.
In the same line, Draghi reiterated that underlying inflation remains subdued although he expects it to converge to the 2% goal over the medium term.
EUR/USD levels to watch
At the moment, the pair is retreating 0.18% at 1.2369 facing the next support at 1.2273 (low Mar.9) seconded by 1.2206 (low Feb.9) and finally 1.2165 (low Jan.18). On the other hand, a break above 1.2446 (high Mar.8) would target 1.2537 (high Jan.25) en route to 1.2557 (2018 high Feb.18).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.