Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

EUR/USD Rises After ECB Press Conference

Published 07/20/2017, 10:26 AM
Updated 07/09/2023, 06:31 AM

The European Central Bank, left interest rates unchanged, as expected. QE program has continued until December 2017 with monthly asset purchases of €60 bln.

The ECB Governor Mario Draghi responded to questions from the press conference, with key headlines, found below:

  • He sees rates at the present level well past the end of QE
  • QE will run until ECB sees sustain inflation pickup
  • Monetary policy has continued to secure very favorable financing conditions needed
  • Draghi says risks to growth are broadly balanced
  • Measures underline inflation remains low
  • Core inflation to rise gradually over mid-term
  • ECB measures support borrowing conditions significantly
  • Inflation gains conditional on stimulus.
  • ECB took stock of continued improvement in economy
  • Headline inflation to be volatile in coming months
  • ECB did not discuss BOJ-style policy for Euro area
  • Tighter financing conditions last thing ECB wants

EUR/USD - After the ECB press conference, the EUR/USD pair rose significantly and it is trading above the 1.1540 key level and If the price is able to sustain above 1.1540 on a four-hourly basis, the bullish action may gain more momentum. In this case, the resistance level will be at 1.1630, On the other hand, if the price drops below 1.1540 again, the next support level will be at 1.1445.

Support: : 1.1540 – 1.1445

Resistance: 1.1630

GOLD -

The Gold price is still trading above the 1236 support level. In the event that the price rises above 1236, we will follow resistance level at 1255. On the other hand, if the price drops below 1236, the next support level will be at 1226.

Support: 1236 – 1226 –1210

Resistance: 1255 – 1273 – 1286

Latest comments

Thanks a lot for your post
You are welcome, have a good trade!
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.