EUR/USD gathers traction on Draghi, 1.25 just around the corner

Spot tests the upper end of the range.
Draghi repeated EUR volatility creates uncertainty.
Euro area fundamentals remain robust.

Pablo Piovano FXStreet

The shared currency quickly rebounded from daily lows vs. the buck on Thursday, now pushing EUR/USD to fresh 2018 tops near 1.2500 the figure.

EUR/USD bolstered by Draghi’s presser

EUR met fresh buying orders after an upbeat assessment of the current fundamentals in the euro bloc by President M.Draghi at his press conference after the ECB left its monetary conditions unchanged, as anticipated by market participants.

Draghi also noted that risks for the euro area are broadly balanced, while he sees overseas developments as a source of potential threats to the current domestic conditions.

President Draghi once again reiterated the need for structural reforms, while suggested that fiscal policies should be more growth-oriented.

EUR/USD levels to watch

At the moment, the pair is up 0.65% at 1.2490 facing the next hurdle at 1.2512 (38.2% of 1.6040-1.0340) ahead of 1.2571 (high Dec.16 2014) and finally 1.2600 (psychological level). 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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