The European Central Bank made no change to the interest rate and left it unchanged at 0.75% as expected. In the press conference Draghi refrained from big announcements after the OMT decision last month, and just reiterated comments he already made. With so much fear around Greece and Spain, this stability helps the euro move higher towards critical resistance. It’s important to note that Draghi did rule out one seemingly positive idea. EUR/USD is now trading at 1.2980 after reaching a peak of 1.2992, very close to the round and important 1.30 line. Support is found at 1.2960 followed by 1.29. EUR USD Rising Towards 1.30 After ECB Decision – Click image to enlarge For more on the euro, see the EURUSD forecast. What did Draghi do? With inflation steady above the 2% target and a a public disagreement with the Bundesbank, pressing for a rate cut seemed very unlikely, despite the worsening situation of the European economies. Draghi even said that a rate cut was not even discussed. Regarding the OMT, everybody knows that the ball is in the Spanish court: Spain is taking its time for two months already and refraining from asking for bailout. The zone’s fourth largest economy is waiting for more details, and the government also has some internal calculations. Regarding another troubled country, Greece, ECB president Mario Draghi clearly stated that forgiving Greek debt is monetary financing, and this is against the ECB’s treaty. So, no new help from the ECB. Draghi did praise himself, and not for the first time, on the reactions to his actions: he says that the OMT already improved the situation, at least for Italy. It’s important to remember that Draghi was pleased with the LTRO, even though it had some effect of backfire. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Some Pre-NFP Thoughts Matthew Lifson 11 years The European Central Bank made no change to the interest rate and left it unchanged at 0.75% as expected. In the press conference Draghi refrained from big announcements after the OMT decision last month, and just reiterated comments he already made. With so much fear around Greece and Spain, this stability helps the euro move higher towards critical resistance. It's important to note that Draghi did rule out one seemingly positive idea. EUR/USD is now trading at 1.2980 after reaching a peak of 1.2992, very close to the round and important 1.30 line. Support is found at 1.2960 followed by… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.