The ECB meeting results
As expected, the March meeting of the ECB passed without surprises. The general rhetoric of the Eurozone Central Bank remained restrainedly mild, which was due to the risks of a slowdown in the global economy and the uncertainty surrounding Brexit. At the same time, most of the forecasts for the eurozone economy remain near the set level. GDP was revised upwards, and inflation declined. In fact, the main indicators remained within the normal range.
The main negative note of this protocol was the postponement of the possibility of rates hikes for the next year, confirming that the ECB is not going to raise rates this year. The ECB President, M. Draghi, also spoke in favor of postponing the possibility of a rate increase to a later date.
As a result, the single currency continued to weaken with restraint against its main competitors. EUR/USD retreated from weekly highs at 1.1250 and remains under pressure, indicating a resumption of decline. Significant support levels are located at the levels: 1.1200 and 1.1180.
Fig. 1. EUR USD chart. The current price is 1.1220
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