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EUR/USD remains in lows near 1.2400

FXStreet (Edinburgh) - EUR/USD remains closer to the key support at 1.2400 on Thursday, with the single currency still suffering the dovish tone from Draghi’s press conference.

EUR/USD in fresh lows

The pair came under heavy pressure after ECB’s Draghi argued the central bank’s balance sheet will expand towards 2012 levels, emphasizing its composition as well as the bank’s readiness to implement further measures if needed or the inflation outlook deteriorates further. Draghi remained optimistic regarding the prospects for the region in the next 2 years, although he also stated that risks point to the downside. Strategists at BTMU noted “Heightened investor expectations for further ECB monetary easing in the near-term will likely continue to weigh on the euro in the week ahead”

EUR/USD key levels

The pair is now losing 0.62% at 1.2404 with the next support at 1.2393 (low Nov.6) ahead of 1.2342 (low Aug.21 2013) and then 1.2295 (low Aug.20 2013). On the flip side, a breakout of 1.2533 (high Nov.6) would open the door to 1.2577 (high Nov.4) and finally 1.2579 (10-d MA).

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