Finally, the most awaited economic events are out and most had a muted impacted on the market. The ECB's Presidant, Mario Draghi, is a very predictable man. Let's recall today's Morning Brief where we shared our expectations from the ECB.
Stronger Euro- Hawkish Mario Draghi
The European Central Bank (ECB) left the refinancing rate unchanged at zero along with the deposit rate at -0.4%. However, the remarks by Mario Draghi are providing support to the single currency. As I wrote this, I heard him saying that there is no longer a sense of urgency with regard to taking further actions. In addition, he also said there will be no more TLTRO (targeted long-term refinancing operations).
My Opinion: His remarks are likely to get more buyers for the single currency, Euro, and we may see dramatic bullish movements in the EUR/USD.
Technically: the pair has a good support at $1.05500 and the RSI has come out of the oversold territory, which is adding more support to the buying momentum in the pair.
Forex Signal: investors are recommended to have buying positions above $1.0550 with a stop loss at 1.0520 and a take profit at the triple top resistance level of $1.0625.
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