EUR/USD keeps the tight range above 1.1600 post-ECB
- ECB left its key rates unchanged, matching the broad consensus.
- Spot alternates gains with losses always above the 1.1600 handle.
- Attention now shifts to Draghi’s press conference.
The shared currency remained apathetic after the ECB decision today, with EUR/USD a tad lower in the 1.1715/10 band.
EUR/USD now focused on Draghi’s presser
The pair remains in the upper end of the weekly range after the ECB’s Governing Council left its monetary conditions unchanged at today’s meeting, falling in line with market expectations.
In fact, the ECB left intact 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 -0.40%.
Later in the session, President Mario Draghi will hold his usual press conference followed by the Q&A session.
EUR/USD levels to watch
At the moment, the pair is up 0.02% at 1.1628 and a break below 1.1508 (low May 29) would target 1.1449 (50% Fibo of the 2017-2018 up move) and finally 1.1299 (2018 low Aug.15). On the upside, the next hurdle aligns at 1.1659 (high Sep.6) seconded by 1.1734 (high Aug.28) and finally 1.1745 (high Jul.31).
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.
