Details of the Draghi’s Speech

The single currency appreciated sharply against the US dollar against based on the comments by ECB President Mario Draghi. In his speech, Draghi noted that:

• incoming information confirms strong economic growth;
• internal price pressure remains low-key;
• inflation is a major source of concern;
• The economy still needs serious monetary stimulus;
• The growth of employment is supported by private consumption;
• In the future, interest rates will not be so low.

Technical Analysis: Based on the single currency growth, the EUR/USD pair is fixed above the resistance line of the rising channel on H4, which indicates the strengthening of the uptrend both in the medium and long term, what opens the way for further growth of the pair to 1.2700, 1.2750.

Fig. EUR/USD. Current price – $ 1.2510

Alexander Sivtsov