EUR/USD around 1.1480 post-ECB decision

The single currency met some selling pressure after the European Central Bank left its monetary policy intact at today’s meeting, with EUR/USD around the 1.1480 area at the time of writing.

EUR/USD now focused on Draghi

Spot remained near daily lows in sub-1.1500 levels after the ECB’s Governing Council left its monetary policy stance unchanged at today’s meeting, matching the broad consensus.

The European Central Bank left the interest rate on the main refinancing operations at 0.00%, the interest rate on the marginal lending facility at 0.25% and the deposit facility at 0 -0.40%.

In line with prior surveys, the ECB keeps the monetary conditions unchanged, although the focus of attention will now shift to the usual press conference by President M.Draghi. Market participants have been somewhat anticipating a potential modification of the central bank’s guidance in past weeks, although the most suitable candidate appears to be the month of September.

In the data space, the European Commission will publish its consumer sentiment gauge, while initial claims and the Philly Fed manufacturing index will be in the limelight across the pond.

EUR/USD levels to watch

At the moment, the pair is losing 0.23% at 1.1488 facing the immediate support at 1.1462 (10-day sma) followed by 1.1391 (21-day sma) and finally 1.1369 (low Jul.13). On the upside, a breakout of 1.1585 (high Jul.18) would target 1.1616 (2016 high May 3) en route to 1.1713 (monthly high Aug.24).