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The ECB was not expected to make any policy changes, thus leaving the main lending rate unchanged at 0.50% and the deposit rate at 0%, and this is exactly what happened.

EUR/USD traded just above 1.3230 prior to the release. It is now at 1.3240. This is very marginal. — updates coming —

The focus now shifts to the press conference by Mario Draghi, due to begin at 12:30 GMT. In the previous press conference, Draghi introduced forward guidance: he committed to keep rates and current levels or lower for an “extended period of time”.

He is likely to repeat it once again, but what else will he say? Follow a live blog here on Forex Crunch.

Opinion:  ECB may try to avoid rate cut if possible

EUR/USD made a false break yesterday after the Fed released its statement. The statement seemed dovish at first, and the pair temporarily broke above 1.33, a level which it struggled to conquer. However, the move was not sustained.

1.3250 is a pivotal line. 1.33 returns to works as resistance and support is at 1.32. For more, see the EUR/USD forecast.