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EUR/USD below 1.2740 - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik notes that Mario Draghi's statement this morning that the ECB is ready to change the size and composition of its’ recent measures pushed EUR/USD to a low of 1.2696.

Key quotes

"Seems Super Mario is finally putting the accent on the 'whatever it takes' sending the common currency nose diving across the board."

"The pair has slowly pulled back after testing mentioned low, but trades now below 1.2740, a strong static level as per several weekly lows in the area from early 2013, offering now immediate short term resistance."

"If the pair fails to recover above it, a new test of 1.2700 area seems likely, with next support then at 1.2660 late November weekly low."

"A daily close below 1.2740 will leave doors open for a continued slide towards 1.25 figure."

"To the upside, a recovery above 1.2740 may see the upward correction extending up to 1.2780/1.2800 area, where sellers should cap any further attempt of advance."

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