EUR/USD regains 1.0900 and beyond on Draghi

Pablo Piovano FXStreet

The single currency has recovered the smile following Draghi’s statement on Thursday, now lifting EUR/USD to record fresh daily highs near 1.0930.

EUR/USD bid on upbeat Draghi

The pair has quickly reverted its negative bias after President M.Draghi gave quite an upbeat economic outlook for the region, noting that downside risks have diminished further while favourable financial conditions continue to help investment.

The ECB stays ready, nonetheless, to modify the ongoing QE programme in size and/or extension if economic outlook worsens.

Regarding the US docket, Durable Goods Orders contracted at a monthly 0.7% in March, missing estimates, while Goods Trade Balance figures showed a $64.81 billion deficit vs. a $65.50 deficit initially expected. In addition, Initial Claims ticked higher to 257K WoW, taking the 4-Week Average to 242.25K from 242.75K.

EUR/USD levels to watch

At the moment, the pair is advancing 0.10% at 1.0915 facing the next up barrier at 1.0950 (2017 high Apr.26) followed by 1.1000 (psychological handle) and then 1.1300 (high Nov.9 2016). On the other hand, a breach of 1.0855 (low Apr.26) would target 1.0850 (low Apr.25) en route to 1.0837 (200-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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