EUR/USD Continues Falling

Published 02/17/2016, 05:51 AM
Updated 07/09/2023, 06:31 AM
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EUR/USD H4 Chart

Yesterday the pair continued falling. The euro was pressured by ECB President Mario Draghi's speech, in which he voiced a possibility of further monetary policy easing in March. According to expectations, the interest rate might be cut by 0.1% and the QE program expanded by 20 billion euro. In addition, he noted that the biggest chunk of the funds received by retail banks is redirected into the real sector, thus supporting the economy.

In light of his commentaries, yields of the short-term government bonds in countries such as Germany, France and Belgium fell to minus, thus further pressuring the euro.

The nearest support level is at 1.1108 (2/8 Murray).

The nearest resistance level is at 1.1169.

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