The pair now trades 0.30% lower at 1.1736 levels, down from the high of 1.1811 levels hit ahead of the ECJ court ruling. The single currency came under pressure on ever increasing possibility of a sovereign QE in the Eurozone. Earlier today, Reuters reported that the ECB President Mario Draghi expressed readiness to buy government bonds in his interview to the German newspaper Die Ziet. However, the selling resumed after the ECJ appeared to have ruled in favor of Mario Draghi and the members of the ECB that support both programs – OMT and Sovereign QE. The ruling said as long as the ECB is purchasing bonds on the secondary market, bond purchases are neither breaking the rules of the treaty or outside of its mandate.
EUR/USD Technical Levels
The immediate support is seen at 1.1735, under which losses could be extended to 1.1660 levels. Meanwhile, resistance is seen at 1.18 and 1.1860 levels.
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.