EUR/USD up and down as Draghi says ECB hasn’t discussed QE

EUR/USD saw a sharp, short-lived spike toward 6-day highs above 1.1000 after ECB President Mario Draghi said they have not discussed extending the bond-buying program beyond March 2017.

EUR/USD rose more than half a cent in a matter of seconds and reached a high of 1.1038 before giving up gains as fast as Draghi also said they haven’t discussed tapering QE either.  EUR/USD quickly fell to a low of 1.0953 and it was last trading around 1.0965, little changed on the day.

Draghi said the ECB has not discussed extending the QE program but they haven't discussed tapering either and added that decisions taken at the December meeting “will tell you what we’re going to do in the coming months.”

EUR/USD levels to watch

In terms of technical levels, immediate supports are seen at 1.0951 (Jul 25 low), 1.0911 (Jun 24 low) and 1.0821 (Mar 10 low). On the flip side, resistances line up at 1.1038 (Oct 20 high), 1.1067 (Oct 12 high), 1.1141 (Oct 11 high) and then 1.1167/73 (100-day SMA/200-day SMA).