The results of the press conference of the ECB President

According to the results of the press conference of the head of the European Central Bank M. Draghi, the euro has noticeably weakened against its main competitors, which was caused by lower forecasts for inflation and economic growth in the eurozone and a statement that the need to stimulate the economy remains. These statements have put the main pressure on the euro. In addition, the ECB continued to point out the continued need for soft monetary policies and the persistence of risks, despite their marked weakening.

General tone of the ECB President remained very mild, as was the ECB’s monetary policy. At the same time, there were no clear conditions for tightening monetary policy. At the same time, it was noted that the Central Bank retains a place for maneuver and has all the necessary tools to solve any problems that have arisen.

EUR/USD at the end of the press conference updated a low at the level of 1.1340 and returned to the level of the opening of the day, which actually indicated keeping the overall downtrend and the preservation of uncertainty in the shorter term. Resistance levels: 1.1380 and 1.1400, support: 1.1340 and 1.1320.

EUR/USD chart. The current price is 1.1360.

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Hanzenko Anton

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