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Forex pairs in this Article » EUR/USD (Edinburgh) - The single currency has now accelerated its decline at the start of Draghi’s press conference, after the ECB left unchanged its monetary policy.

EUR/USD door open for further pullbacks

President Draghi intensified the dovish tone, stressing for the first time that he expects interest rates to remain at current or even lower levels for an extended period of time. In addition, he stated that price pressures would remain subdued in the medium-term and he also hoped for a swift implementation of the key banking union.

EUR/USD tech levels

At the moment the pair is down 0.84% at 1.2899 facing the next support at 1.2859 (weekly cloud top) followed by 1.2838 (low May 29) and then 1.2821 (low May 23). On the flip side, a break above 1.3032 (high Jul.3) would target 1.3055 (MA100d) en route to 1.3078 (high Jul.2).
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