EUR/USD drops to lows near 1.1770 post-ECB

• Spot dips to lows on ECB’s decision on QE.
• QE now seen running at €30 billion/month from January until September.
• Draghi’s presser now on sight.

The single currency lost the grip after the European Central Bank left its monetary policy intact at today’s meeting, with EUR/USD around the 1.1770 area, or daily lows.

EUR/USD attention shifted to Draghi

The pair accelerated the downside after the ECB’s Governing Council left its monetary policy stance unchanged at today’s meeting, matching the broad consensus.

The European Central Bank left the interest rate on the main refinancing operations at 0.00%, the interest rate on the marginal lending facility at 0.25% and the deposit facility at 0 -0.40%.

ECB now sees QE running at €30 billion/month from January until September 2018, matching previous estimates.

EUR/USD levels to watch

At the moment, the pair is losing 0.36% at 1.1769 facing the next support at 1.1725 (low Oct.23) seconded by 1.1686 (low Oct.6) and finally 1.1662 (low Aug.17). On the upside, a break above 1.1858 (high Oct.20) would target 1.1882 (high Oct.12) en route to 1.1911 (high Aug.2). In addition FXStreet’s technical confluence indicator (TCI) notes important resistance area around 1.1860/70, where coincide pivot points and Fibo retracement.