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  • The intraday uptick fizzled out rather quickly on dismal German/Euro-zone PMI prints.
  • The shared currency moved little following the ECB’s decision to maintain status quo.
  • Investors now look forward to the post-meeting press conference for a fresh impetus.

The EUR/USD pair extended its intraday pullback from levels beyond mid-1.1100s and refreshed daily lows post-ECB announcement.
The pair failed to capitalize on its early European session bullish spike – supported by strong-than-expected French manufacturing/services PMI prints – rather witnessed an intraday turnaround in reaction to yet another disappointing release of German/Euro-zone PMI prints.

ECB does little to inspire traders

The shared currency remained on the defensive around the 1.1130-25 region and moved little after the European Central Bank (ECB) – in its latest monetary policy update this Thursday – left key policy rates unchanged, as was widely expected.
Meanwhile, the downside is likely to remain limited as market participants now look forward to the post-meeting press conference, where comments from the outgoing ECB President Mario Draghi might infuse a fresh bout of volatility across the EUR pairs.

Technical levels to watch