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Forex pairs in this Article » EUR/USD (New York) - The EUR/USD foreign exchange rate has regained the 1.2900 level, rebounding off earlier lows at 1.2883 after an ECB-induced drop.

Earlier today in the ECB, interest rates were held at 0.5% - not long after, the pair moved on Draghi’s comments, culminating in a volatile session thus far for the EUR/USD.

EUR/USD still below support despite recovery

In spite of the recent recovery, the EUR/USD is still operating at just 1.2907, down -0.78% off its opening. Following an earlier drop below support at 1.2941, the analyst team points to short-term supports at 1.2877, ahead of 1.2832.

EUR/USD April low in focus?

According to Karen Jones, an analyst at Commerzbank, “The EUR/USD has reached key support at 1.2931/1.2885, the 55-week MA and the 2012-2013 uptrend and 78.6% retracement. We suspect this will hold the initial test ahead of losses to 1.2796, then the 1.2740 April low.”
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