Euro is under pressure

The single currency fell sharply against the US dollar after the ECB decided to keep the main interest rates unchanged. See the Market News. It was noted that the amount of the QE program will be 30 billion euros, starting from January and will continue until September 2018. If necessary, the period can be extended for a longer period. It was also noted that interest rates will remain at the current level long after curtail of the QE program.

Technical Analysis: Based on the ECB statements, the single currency lost more than 50 points against the US dollar. The nearest level of resistance is considered in the 1.1750 area, in case the price overcomes this support – the pair should be expected around 1.1720-1.1700.

Fig. Current price EUR/USD – 1.1760

Alexander Sivtsov