EUR/USD sticks to modest gains, moves little post-ECB announcement

   “¢   ECB leaves interest rates unchanged and confirm the end of QE in 2019.
   “¢   Investors wait for the central bank’s updated growth/inflation forecasts.
   “¢   Draghi’s post-meeting presser to drive the shared currency in the near-term.  

The EUR/USD pair held on to its mildly positive tone and moved little following the latest ECB monetary policy decision.  

As was widely expected, the European Central Bank (ECB) left benchmark interest rate unchanged and confirmed its plan to end the asset purchase program after December.

The shared currency, however, had a rather muted reaction to the announcement as investors preferred to wait for the central bank’s updated economic projections before placing any bets.

Growth momentum in the Euro-zone has witnessed a notable slowdown and hence, market participants anticipate a downward revision of the central bank’s 2019 growth and inflation forecast

Apart from this, investors will also focus on the ECB President Mario Draghi’s post-meeting press conference, where a dovish shift might turn the pair vulnerable to resume with its prior/well-established bearish trend.

Technical levels to watch