EUR/USD through 1.1000 on Draghi’s presser

EUR/USD advances beyond 1.10 the figure following the ECB statement on Thursday, while Draghi’s press conference remains under way.

EUR/USD propped up by Draghi

Spot met an abrupt wave of buying interest after President M.Draghi said the Governing Council did not discuss extending the current QE programme beyond March 2015, while he also stressed that tapering wasn’t discussed either.

The pair has accelerated its daily gains after President Draghi said the economy of the region is expected to expand at a moderate pace while inflation is seen rising gradually. Furthermore, Draghi sees consumer prices to pick up pace in the next couple of months largely due to energy prices.

President Draghi has reiterated the readiness of the ECB to use all available tools to spur inflation and to keep the bond purchases programme until March 2017 or beyond if necessary.

He once again urged governments of the bloc to implement structural reforms in order to tackle structural unemployment, among other issues.

EUR/USD levels to watch

The pair is now gaining 0.47% at 1.1026 facing the next hurdle at 1.1055 (4-month resistance line) followed by 1.1127 (20-day sma). On the other hand, a breakdown of 1.0950 (low Jul.27) would target 1.0909 (low Jun.24) en route to 1.0820 (low Mar.10).