EUR/USD gets some oxygen from Draghi, around 1.1560

The single currency is rebounding from daily lows near 1.1480 vs. the greenback, with EUR/USD now in the 1.1560 area as Draghi’s press conference is under way.

EUR/USD bid above 1.1500

The bullish tone has returned to the European currency today following the press conference by President Draghi after the European Central Bank left unchanged its monetary policy, broadly in line with market expectations.

EUR stays bid after Draghi said inflation pressures, including wages, remain subdued, while headline inflation is expected to be volatile in coming months. Draghi also added that downside risks to the outlook are due mainly to global factors.

Draghi said the decision to keep the monetary policy was unanimous today, although the Council is expected to debate on the subject in the European autumn.

EUR/USD levels to watch

At the moment, the pair is up 0.64% at 1.1563 and a breakout of 1.1585 (high Jul.18) would target 1.1616 (2016 high May 3) en route to 1.1713 (monthly high Aug.24). On the flip side, the immediate support lies at 1.1462 (10-day sma) followed by 1.1391 (21-day sma) and finally 1.1369 (low Jul.13).