EUR/USD Struggles After ECB Meeting

The EUR/USD failed to cut the key resistance level 1.1400 as the ECB kept rates unchanged. Draghi’s comments put the euro under pressure below 1.1300 after claiming that the ECB policy of printing money and keeping borrowing cost at lower levels was working, thus increasing speculations that the ECB is ready for further easing in the coming months. Breaking 1.1255 will open the door for a downward trend toward 1.1235, 1.1190 and 1.1170.

However, the EUR/USD needs a push above 1.1370 to trigger an upward move toward 1.1405 and 1.1450 respectively.

EUR/USD Daily Chart

Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information

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