EUR/USD extends the march north, 1.2450 closer

• Draghi delivers an upbeat assessment of the economy in the euro area.
• The pair trades around 1.2450 and challenges weekly peaks.
• ECB revised higher 2018 GDP to 2.4%, 2019 GDP at 1.9% (unch).

EUR/USD is advancing further following Draghi’s auspicious assessment of the economic expansion in the euro area, testing fresh tops in the 1.2450 region.

EUR/USD higher on Draghi

The pair remains bid in response to the positive comments from President Draghi at today’s press conference and after the ECB kept its monetary conditions unchanged earlier in the day.

Draghi also revised higher the 2018 GDP to 2.4% and left unchanged the GDP for 2019 and 2010, at 1.9% and 1.7%, respectively.

Regarding inflation, the ECB now sees consumer prices rising 1.4% this year, 1.5% in 2019 and 1.7% in 2020.

As usual, Draghi reiterated that further structural reforms must be stepped up substantially.

EUR/USD levels to watch

At the moment, the pair is gaining 0.15% at 1.2428 facing the next hurdle at 1.2446 (high Mar.8) seconded by 1.2537 (high Jan.25) and then 1.2557 (2018 high Feb.18). On the downside, a break below 1.2334 (21-day sma) would target 1.2317 (10-day sma) en route to 1.2272 (low Mar.1).