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15 Apr 2015
EUR/USD wobbling around 1.06 on Draghi
FXStreet (Edinburgh) - The shared currency remains within the intraday range on Wednesday, taking EUR/USD to the 1.0600 neighbourhood.
EUR/USD weaker on Draghi’s presser so far
The pair kept the composure after President Draghi assessed that consumer prices in the euro region should start to pick up in late 2015 and 2016, and reach the 2% target in the medium term. He also added that the recovery pace is expected to be gradual with private consumption and domestic demand being the main drivers.
In the Q&A session, and asked about Greece, Draghi stressed that the ECB already has an exposure of €110 billion to Greece, and that it is up to the Greece government to carry on with the ongoing debt negotiations. On the likeliness of a sooner QE taper, Draghi emphasized that the QE programme is intended to run until September 2016.
EUR/USD key levels
The pair is now retreating 0.63% at 1.0586 and a breakdown of 1.0521 (low Apr.13) would open the door to 1.0457 (2015 low Mar.18) and finally 1.0360 (low Jan.8 2003). On the flip side, a breakout of 1.0708 (high Apr.14) would expose 1.0713 (low Mar.31) and then 1.0763 (10-d MA).
EUR/USD weaker on Draghi’s presser so far
The pair kept the composure after President Draghi assessed that consumer prices in the euro region should start to pick up in late 2015 and 2016, and reach the 2% target in the medium term. He also added that the recovery pace is expected to be gradual with private consumption and domestic demand being the main drivers.
In the Q&A session, and asked about Greece, Draghi stressed that the ECB already has an exposure of €110 billion to Greece, and that it is up to the Greece government to carry on with the ongoing debt negotiations. On the likeliness of a sooner QE taper, Draghi emphasized that the QE programme is intended to run until September 2016.
EUR/USD key levels
The pair is now retreating 0.63% at 1.0586 and a breakdown of 1.0521 (low Apr.13) would open the door to 1.0457 (2015 low Mar.18) and finally 1.0360 (low Jan.8 2003). On the flip side, a breakout of 1.0708 (high Apr.14) would expose 1.0713 (low Mar.31) and then 1.0763 (10-d MA).