Investing.com - The euro soared higher Thursday on European Central Bank's President Mario Draghi stating he sees signs of economic stability and Spain hitting twice the target at a note auction.
EUR/USD hit a low of 1.2700 during U.S. trade. The pair is off a high of 1.2845 and is currently trading at 1.2831 up 0.98%.
The pair was likely to find support at 1.2700, the sessions low and technical resistance exists at 1.2946, the high of January, 5th.
The single currency found support at ECB President Draghi stated that he sees tentative signs of stabilization of activity at low levels but warned that the economy still faces substantial downside risks at a post policy meeting press conference.
Both the ECB and the Bank of England made no changes to their interest rate policies with the ECB holding steady at 1% and the BOE maintaining its 0.5% rate.
A Spanish note auction selling twice the maximum targeted amount and an Italian auction hitting estimates added to the euro bullishness.
Mamoru Arai of Mizuho Financial, told Bloomberg, "Any good news for the euro zone could be a trigger for traders to cover their short postions."
Meanwhile, in the U.S. data indicated that retail sales and unemployment figures missed estimates in a negative way adding to the bearish U.S. dollar sentiment on the session
The Euro traded solidly higher against the pound with EUR/GBP adding 0.97% to 0.8370.
Investors are awaiting U.S. import prices and the University of Michigan's inflation expectation numbers.
EUR/USD hit a low of 1.2700 during U.S. trade. The pair is off a high of 1.2845 and is currently trading at 1.2831 up 0.98%.
The pair was likely to find support at 1.2700, the sessions low and technical resistance exists at 1.2946, the high of January, 5th.
The single currency found support at ECB President Draghi stated that he sees tentative signs of stabilization of activity at low levels but warned that the economy still faces substantial downside risks at a post policy meeting press conference.
Both the ECB and the Bank of England made no changes to their interest rate policies with the ECB holding steady at 1% and the BOE maintaining its 0.5% rate.
A Spanish note auction selling twice the maximum targeted amount and an Italian auction hitting estimates added to the euro bullishness.
Mamoru Arai of Mizuho Financial, told Bloomberg, "Any good news for the euro zone could be a trigger for traders to cover their short postions."
Meanwhile, in the U.S. data indicated that retail sales and unemployment figures missed estimates in a negative way adding to the bearish U.S. dollar sentiment on the session
The Euro traded solidly higher against the pound with EUR/GBP adding 0.97% to 0.8370.
Investors are awaiting U.S. import prices and the University of Michigan's inflation expectation numbers.