EUR/USD sticks to modest gains, moves little post-ECB announcement
• ECB leaves interest rates unchanged and confirm the end of QE in 2019.
• Investors wait for the central bank’s updated growth/inflation forecasts.
• Draghi’s post-meeting presser to drive the shared currency in the near-term.
The EUR/USD pair held on to its mildly positive tone and moved little following the latest ECB monetary policy decision.
As was widely expected, the European Central Bank (ECB) left benchmark interest rate unchanged and confirmed its plan to end the asset purchase program after December.
The shared currency, however, had a rather muted reaction to the announcement as investors preferred to wait for the central bank's updated economic projections before placing any bets.
Growth momentum in the Euro-zone has witnessed a notable slowdown and hence, market participants anticipate a downward revision of the central bank's 2019 growth and inflation forecast
Apart from this, investors will also focus on the ECB President Mario Draghi's post-meeting press conference, where a dovish shift might turn the pair vulnerable to resume with its prior/well-established bearish trend.
Technical levels to watch
Today Last Price: 1.1378
Today Daily change: 7.0 pips
Today Daily change %: 0.0616%
Today Daily Open: 1.1371
Previous Daily SMA20: 1.1364
Previous Daily SMA50: 1.1407
Previous Daily SMA100: 1.1504
Previous Daily SMA200: 1.1728
Previous Daily High: 1.1388
Previous Daily Low: 1.1314
Previous Weekly High: 1.1424
Previous Weekly Low: 1.1311
Previous Monthly High: 1.15
Previous Monthly Low: 1.1216
Previous Daily Fibonacci 38.2%: 1.136
Previous Daily Fibonacci 61.8%: 1.1342
Previous Daily Pivot Point S1: 1.1328
Previous Daily Pivot Point S2: 1.1285
Previous Daily Pivot Point S3: 1.1255
Previous Daily Pivot Point R1: 1.1401
Previous Daily Pivot Point R2: 1.1431
Previous Daily Pivot Point R3: 1.1474