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  • ECB left its key rates unchanged, matching the broad consensus.
  • Spot alternates gains with losses always above the 1.1600 handle.
  • Attention now shifts to Draghi’s press conference.

The shared currency remained apathetic after the ECB decision today, with EUR/USD a tad lower in the 1.1715/10 band.

EUR/USD  now focused on Draghi’s presser

The pair remains in the upper end of the weekly range after the ECB’s Governing Council left its monetary conditions unchanged  at today’s meeting, falling in line with market expectations.

In fact, the ECB left intact the interest rate on the main refinancing operations at 0.00%, the interest rate on the marginal lending facility at 0.25% and the deposit facility at  -0.40%.

Later in the session, President Mario Draghi will hold his usual press  conference followed by the Q&A session.

EUR/USD levels to watch

At the moment, the pair is up 0.02% at 1.1628 and a break below 1.1508 (low May 29) would target 1.1449 (50% Fibo of the 2017-2018 up move) and finally 1.1299 (2018 low Aug.15). On the upside, the next hurdle aligns at 1.1659 (high Sep.6) seconded by 1.1734 (high Aug.28) and finally 1.1745 (high Jul.31).

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