EUR/USD tumbles to 1.0700 neighborhood as ECB presser gets underway

The EUR/USD pair came under renewed selling pressure and extended its reversal from 3-week high, touched in the aftermath of ECB decision announcement.

Currently trading around 1.0700 neighborhood, the pair plunged to 1.0700 handle after the opening remarks from ECB President Mario Draghi.

Earlier, the pair had surged through 1.0800 handle and jumped to its highest level since Nov. 14 as the ECB announced to extend its current €80bn asset purchase program only until April 2017. 

The pair, however, ran through fresh offers after further details revealed that the central bank will continue its QE program until the end of Dec. 2017, or beyond if necessary, albeit at a reduced pace of €60bn per month.

Investors will also scrutinize ECB's update growth and inflation forecasts, which will also including its first outlook for 2019.

Technical levels to watch

A follow through selling pressure below 1.0700-1.0690 immediate support now seems to accelerate the slide towards 1.0650 intermediate support before the pair eventually break below 1.0600 handle and head towards testing its next major support near 1.0550 area. On the upside, renewed bullish momentum above 1.0800 handle might confront some resistance near session peak level around 1..0840 region above which the pair seems all set to aim towards testing 1.0900 round figure mark.