As widely expected, the ECB left its policy unchanged and only marginally upgraded GDP growth forecasts. Draghi once again pledged to maintain interest rates at current or lower levels for an extended period of time, well beyond the horizon of asset purchases.

Technically, the euro has been straddling the December - May trendline which is reinforced by 200 DMA and 50.0% retracement of the December - May uptrend. If the area holds, we may see a retest of 50 DMA in the days/weeks ahead. April low (1.1215) is the initial resistance.

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