EUR/USD stays bid around 1.1280 on steady ECB

ECB left its key rates unchanged, matching the broad consensus.
The pair keeps teh bid tone in the area of weekly highs.
Attention now shifts to the press conference by President Draghi’s.

Pablo Piovano FXStreet

The single currency remained apathetic after the ECB decision today, with EUR/USD navigatin the upper end of the weekly range in the 1.1280 area.

EUR/USD now focused on Draghi

The pair remains in the 1.1270/80 zone after the ECB’s Governing Council left its monetary status quo unchanged at today’s meeting, in line with prior surveys.

In fact, the ECB left intact the interest rate on the main refinancing operations, the interest rate on the marginal lending facility and the deposit facility at 0.00%, 0.25% and 0 -0.40%, respectively.

Furthermore, the central bank sees rates at present levels at least through the end of the current year.

Moving forward, the TLTRO-III and a potential tiered deposit rate system should be in the centre of the debate at Draghi’s press conference and the subsequent Q&A session.

EUR/USD levels to watch

At the moment, the pair is gaining 0.15% at 1.1278 and a breakout of 1.1284 (high Apr.9) would target 1.1318 (55-day SMA) en route to 1.1337 (200-week SMA). On the downside, immediate support emerges at 1.1230 (10-day SMA) seconded by 1.1183 (low Apr.2) and finally 1.1176 (low Mar.7).

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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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