EUR/USD around 1.2180 post-ECB, focus now on Draghi


  • ECB left its key rates intact, matching initial estimates.
  • The pair stays positive near the 1.2200 handle.
  • Press conference by President M.Draghi coming up next.

The single currency keeps the positive tone after the European Central Bank left its monetary policy intact at today’s meeting, with EUR/USD around the 1.2180 area, close to daily highs.

EUR/USD focused now on Draghi

Spot remained apathetic today after the ECB’s Governing Council left its monetary status quo unchanged at today’s meeting, matching the broad consensus.

In fact, the ECB left the interest rate on the main refinancing operations at 0.00%, the interest rate on the marginal lending facility at 0.25% and the deposit facility at 0 -0.40%.

Additionally, and broadly expected as well, the Governing Council left QE running at €30 billion/month until September 2018.

Spot keeps the daily range in the wake of the release, posting moderate gains amidst some selling pressure around the buck and declining US 10-year yields.

Later in the day, President Mario Draghi will hold his usual press conference.

EUR/USD levels to watch

At the moment, the pair is gaining 0.14% at 1.2177 facing immediate contention at 1.2160 (low Apr.25) seconded by 1.2153 (low Mar.1) and finally 1.2008 (200-day sma). On the upside, a break above 1.2217 (100-day sma) would target 1.2298 (21-day sma) en route to 1.2414 (high Apr.17).

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