EUR/USD trims losses, keeps 1.1700 post-ECB

ECB left its key rates unchanged, matching the broad consensus.
The pair stays on the defensive above the 1.1700 milestone.
Focus now shifts to Draghi’s usual press conference.

Pablo Piovano FXStreet

The shared currency remained apathetic after the ECB decision today, with EUR/USD a tad lower in the 1.1715/10 band.

EUR/USD attention is now on Draghi’s presser

Spot remains in the upper end of the weekly range after the ECB’s Governing Council left its monetary status quo unchanged at today’s meeting, matching the broad consensus.

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.

Looking ahead, attention should gyrate to President Mario Draghi’s press conference and the subsequent Q&A session.

EUR/USD levels to watch

At the moment, the pair is down 0.13% at 1.1713 facing immediate support at 1.1575 (low Jul.19) seconded by 1.1527 (low Jun.28) and then 1.1508 (2018 low May 30). On the upside, a breakout of 1.1749 (high Jul.23) would open the door to 1.1792 (high Jul.9) and finally 1.1853 (high Jun.14).

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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