EUR/USD plummets back closer to yearly lows post-ECB

ECB leaves interest rates unchanged and sends a dovish signal in the policy statement.
The shared currency initially spiked before witnessing a dramatic intraday turnaround.

Haresh Menghani FXStreet

The EUR/USD pair faded a knee-jerk bullish spike and tumbled to refresh two-month lows, around the 1.1120 region post-ECB announcement.

The shared currency initially picked up some pace after the European Central Bank, at its latest monetary policy meeting held this Thursday, decided to leave interest rates unchanged. However, dovish signals in the accompanying rate statement - indicating rates to remain at present or lower levels at least through the first half of 2020, exerted some fresh downward pressure on the shared currency.

The ECB added that it needs to maintain a highly accommodative policy for a prolonged time and remains determined to act if inflation outlook falls short of its aim, which coupled with the prevalent bullish sentiment around the US Dollar further collaborated to the pair's sharp downfall to the lowest level since late-May 2019.

Technical levels to watch

EUR/USD

Overview
Today last price	1.1141
Today Daily Change	0.0001
Today Daily Change %	0.01
Today daily open	1.114

Trends
Daily SMA20	1.125
Daily SMA50	1.1243
Daily SMA100	1.1245
Daily SMA200	1.1313

Levels
Previous Daily High	1.1156
Previous Daily Low	1.1127
Previous Weekly High	1.1286
Previous Weekly Low	1.12
Previous Monthly High	1.1414
Previous Monthly Low	1.116
Daily Fibonacci 38.2%	1.1138
Daily Fibonacci 61.8%	1.1145
Daily Pivot Point S1	1.1126
Daily Pivot Point S2	1.1112
Daily Pivot Point S3	1.1097
Daily Pivot Point R1	1.1156
Daily Pivot Point R2	1.1171
Daily Pivot Point R3	1.1185

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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