ECB president Mario Draghi inaugurated new art at the ECB headquarters. No mention of monetary policy.
EUR/USD, that had moved higher towards downtrend resistance, remains capped.
The European Central Bank released the speech, and it contains absolutely nothing to move markets. This keeps us in the dark regarding the next policy move. The ECB convenes on October 22nd.
The speech was highly anticipated by markets, especially as it would serve as a reaction to the recent fall in expectations regarding the next move of the Fed, related to the poor Non-Farm Payrolls on Friday.
As we’ve mentioned several times, EUR/USD is trading within a triangle seen in the chart below. Downtrend resistance begins from the August stock market crash (China related) and the consequent surge of the euro as a safe haven currency.
It was then formed after the Fed decision. The no hike decision sent EUR/USD to the critical resistance line at 1.1460. And then it was tackled on NFP day and also on Monday.
— more coming
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