EUR/USD Tests 1.1180 on Steady ECB

EUR/USD Tests 1.1180 on Steady ECB

2 June 2016, 14:10
Roberto Jacobs

EUR/USD Tests 1.1180 on Steady ECB

The shared currency lost some pips following the ECB rate decision today, with EUR/USD orbiting around the 1.1190/80 band.

EUR/USD now focused on Draghi

The pair has reacted adversely to the ECB monetary policy statement, which came in line with initial estimates.

In fact, the central bank left unchanged 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 -0.40%, respectively.

Market participants will now shift their focus on the upcoming press conference by President M.Draghi and the potential revisions of inflation and growth projections for the region.

EUR/USD levels to watch

The pair is now advancing 0.02% at 1.1192 and a break above 1.1246 (high May 23) would expose 1.1252 (20-day sma) and finally 1.1301 (55-day sma). On the flip side, the immediate support lines up at 1.1096 (low May 30) followed by 1.1055 (low Mar.16) and then 1.0820 (low Mar.10).


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