EUR/USD flirting with highs on Draghi’s presser

The common currency keeps its buoyancy intact on Thursday following the ECB’s statement, with EUR/USD challenging daily highs above the 1.1300 handle.

EUR/USD stronger as press conference goes underway

The pair keeps its firm note after President M.Draghi said he expects rates to remain at present or lower levels beyond QE horizon. Draghi has also left largely unchanged growth prospects for the region, noting at the same time that growth should continue at a moderate pace.

In addition, the Council has revised lower its inflation projections, now seeing consumer prices rising at an annualized 0.2% during the current year, 1.2% in 2017 and 1.6% in 2018.

President Draghi has also reiterated the urgent need for euro area governments to embark on structural reforms.    

EUR/USD levels to watch

The pair is now advancing 0.69% at 1.1317 and a break above 1.1367 (high Aug.18) would expose 1.1434 (high Jun.24). On the other hand, the immediate support aligns at 1.1212 (100-day sma) ahead of 1.1192 (2014-2016 support line) and finally 1.1138 (200-day sma).