The Euro’s Slide Continued as the Disappointment in ECB Mounted

The euro continued to fall on Friday after the ECB’s dovish comment on Thursday, and traders were convinced that interest rates in the U.S. would rise faster than in Europe.

Traders were taken by surprise by the degree how dovish the ECB was in terms of the monetary policies.  The ECB President delivered the message that the QE would remain sizeable, and that message sent the euro to a nose dive against the U.S. dollar. 

Currently, the euro is trading below 1.16.  As we can see on the daily chart, there is not very much support until the price reaches close to the 1.14 level.

Leave a comment

Your email address will not be published. Required fields are marked *