EUR/USD around 1.2400 post-ECB

ECB left the monetary status quo unchanged, as expected.
Spot keeps the negative tone around 1.2400.
Draghi’s press conference next on tap.

Pablo Piovano FXStreet

The single currency keeps the negative tone after the European Central Bank left its monetary policy intact at today’s meeting, with EUR/USD around the 1.2400 area, close to daily lows.

EUR/USD attention now shifted to Draghi

The pair stays in the red ground after the ECB’s Governing Council left its monetary policy stance unchanged at today’s meeting, matching the broad consensus.

The European Central Bank 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%.

The Governing Council sees QE running at €30 billion/month until September 2018 or beyond if necessary and stays ready to increase the bond-buying programme in terms of size and duration.

EUR/USD levels to watch

At the moment, the pair is down 0.02% at 1.2405 facing the next hurdle at 1.2459 (high Jan.25) seconded by 1.2512 (38.2% of 1.6040-1.0340) and finally 1.2571 (high Dec.16 2014). On the flip side, a drop below 1.2276 (10-day sma) would target 1.2165 (low Jan.18) en route to 1.2132 (21-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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