EUR/USD clings to gains near mid-1.2000s, moves little post-ECB


  • The USD languished near multi-week lows and assisted EUR/USD to gain some traction on Thursday.
  • The ECB left its monetary policy settings unchanged and did little to provide any impetus to the pair.

The EUR/USD pair held on to its intraday gains around mid-1.2000s and moved little after the ECB announced its monetary policy decision.

Following a brief consolidation through the early European session, the pair regained some positive traction on Thursday and built on the overnight bounce from the key 1.2000 psychological mark. The US dollar remained depressed near multi-week lows amid expectations that the Fed will keep rates low for a longer period. This, in turn, was seen as a key factor that provided a modest lift to the EUR/USD pair.

Meanwhile, the shared currency had a rather muted reaction to the European Central Bank (ECB) decision to leave its monetary policy settings unchanged. This was widely anticipated by market participants. This, coupled with the fact that updated economic projections will only not be released until June, failed to provide any meaningful impetus to the EUR/USD pair, turning the meeting a non-event for the market.

However, minutes from the March meeting indicated that there could be rigorous debate over the future of the PEPP. Hence, the key focus will be on the post-meeting press conference, where comments by the ECB President Christine Lagarde might infuse some volatility around the shared currency. Apart from this, the usual Initial Weekly Jobless Claims data from the US might influence the USD and produce some meaningful trading opportunities.

Technical levels to watch

EUR/USD

Overview
Today last price 1.2052
Today Daily Change 0.0017
Today Daily Change % 0.14
Today daily open 1.2035
 
Trends
Daily SMA20 1.1879
Daily SMA50 1.1959
Daily SMA100 1.2058
Daily SMA200 1.1923
 
Levels
Previous Daily High 1.2044
Previous Daily Low 1.1998
Previous Weekly High 1.1995
Previous Weekly Low 1.1871
Previous Monthly High 1.2113
Previous Monthly Low 1.1704
Daily Fibonacci 38.2% 1.2016
Daily Fibonacci 61.8% 1.2026
Daily Pivot Point S1 1.2008
Daily Pivot Point S2 1.198
Daily Pivot Point S3 1.1962
Daily Pivot Point R1 1.2053
Daily Pivot Point R2 1.2071
Daily Pivot Point R3 1.2098

 

 

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