EUR/USD plummets as Draghi says to reconsider monetary policy stance at next meeting

FXStreet (Córdoba) - EUR/USD fell sharply and broke below the 1.0800 level for first time in 2 weeks as ECB President Mario Draghi said it will be necessary to review and possibly reconsider our monetary policy stance at our next meeting in early March, as downside risks have increased again.

EUR/USD lost more than 100 pips in a matter of minutes, leaving behind several support levels such as the 50-day SMA, and hit a low of 1.0778 as the knee-jerk reaction to Draghi’s speech.

EUR/USD is currently trading at 1.0798, recording a % loss on the day, with immediate supports seen at 1.0770 (Jan 7 low) and then 1.0710 (Jan 5 low).