EUR/USD through 1.2000 on Draghi’s presser

Pablo Piovano FXStreet

The sentiment around the single currency remains positive so far today, with EUR/USD testing daily highs above 1.2000 the figure.

EUR/USD bid on Draghi

Spot remains bid after President Draghi noted that underlying inflation pressures remain subdued, while the ECB now sees the economy expanding 2.2% this year vs. 1.9% previous.

The central bank has also revised lower its projections for inflation measured by the broader HICP.

EUR/USD levels to watch

At the moment, the pair is gaining 1.08% at 1.2048 and a break above 1.2052 (high Sep.7) would aim for 1.2069 (2017 high Aug.29) and finally 1.2167 (50% Fibo of the 2014-2017 drop). On the downside, the immediate support lines up around 1.1924 (10-day sma) seconded by 1.1847 (10-day sma) and then 1.1823 (low Aug.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.

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