Open trading account 
As expected, ECB kept policy steady. Draghi didn't try to talk down euro, which gave it another boost higher. Later, U.S. president Trump backtracked on what Mnuchin said a day earlier, saying that ultimately he "wants to see a strong dollar", which prompted a round of profit taking among U.S. dollar bears. EUR/USD already recovered half of that fall and appears ready to retest 1.25.
al_dcdemo's Blog
EURo jumps on ECB rumours
There was a report yesterday from undisclosed ECB sources that the bank is considering tapering its QE program. The report was later denied by the bank's president Draghi, who said that tapering wasn't discussed.
The euro jumped about 80 pips on the report, to the upper part of its four-week range between 1.1125 and 1.1275. The pair is trading in a more broader triangle pattern with the support around 1.11 and the resistance near 1.13.
The euro jumped about 80 pips on the report, to the upper part of its four-week range between 1.1125 and 1.1275. The pair is trading in a more broader triangle pattern with the support around 1.11 and the resistance near 1.13.
EURo rallies after ECB surprise
In terms of easing monetary policy, ECB did much more than most market participants were expecting. After 120 pip decline in the first 15 minutes, the pair struggled to hold below 1.0850, a sign of strong demand at those prices.
The pair made new intraday low 10 minutes after press conference kicked off, started to retrace some of the move, and then rocketed higher after Draghi said that he sees no need to cut rates further, surging 400 pips from the low to the high in a couple of hours.
Technic…
The pair made new intraday low 10 minutes after press conference kicked off, started to retrace some of the move, and then rocketed higher after Draghi said that he sees no need to cut rates further, surging 400 pips from the low to the high in a couple of hours.
Technic…
EURo pulls back
Euro surged to 1.1375 last week, to the highest since October 2015. It briefly traded above the 22 October high, the day when ECB president Draghi said that the bank will review its policy in December.
Prices above 1.13 were not sustained and the pair embarked on a pullback. It is currently about 200 pips below the high and the pullback doesn't seem to be over yet. 200 DMA is the first stronger resistance ahead of the broken 1.10 level.
Prices above 1.13 were not sustained and the pair embarked on a pullback. It is currently about 200 pips below the high and the pullback doesn't seem to be over yet. 200 DMA is the first stronger resistance ahead of the broken 1.10 level.
EURo holds post-ECB low
Euro refused to follow through after last week's post-ECB action. Draghi's words certainly were a tune to bears' ears but he definitely lost some credibility after the bank failed to meet market expectations in December.
But the main thing that has been holding the pair afloat has been a sell-off in risk assets. The pair closed above 50 DMA yesterday but that may not mean a lot since it is still contained in 1.08 - 1.10 range. The top of the range is reinforced by the 2014 - 2015 trendline and 1…
But the main thing that has been holding the pair afloat has been a sell-off in risk assets. The pair closed above 50 DMA yesterday but that may not mean a lot since it is still contained in 1.08 - 1.10 range. The top of the range is reinforced by the 2014 - 2015 trendline and 1…