The EUR/USD Is Headed For 1.2700

EUR ECB’s Draghi’s press conference certainly had a big impact on the market. I admit that part of me was hoping it would have the opposite effect and the EUR would bounce back, but apparently that was too much to hope for. It fell so hard that what we observed was the proverbial “falling knife”. It was both a little scary and exhilarating to watch. I am pleased though, because despite my hopes that it’d bounce back, I had the good sense to short right before the press conference. As for the future – I think the EUR/USD is headed for 1.2700 where there’s a support level visible on the monthly filter.

Draghi’s Press Conference Will Be Held Later Today

EUR ECB’s Mario Draghi’s  press conference will be held later today. The EUR has been descending rapidly for months now and the events in Ukraine seemed to have an even more detrimental effect on the situation. For a while now it seemed like nothing could stop its descent, there was no support it couldn’t break below.We will have to wait and see how Draghi’s press conference will affect the market – whether the EUR will bounce back at least temporarily, or will this cause it to descend even lower. Personally, I will be watching intently.