EUR/USD: The Euro falling sharply following the meeting dovish tone of the ECB

© Reuters. The Euro fall after the meeting of the ECB

The EUR/USD declined significantly after the press conference of the ECB, considered to be much dovish by the market, with a low of 1.1338, after a top day at 1.1393.

The most fundamental statement of the meeting of the ECB has been concerned with the growth, for which the central bank considers that “the risks are moving towards the downside,” citing protectionism, geopolitics and the volatility of the financial markets among the adverse factors that justify this vision of a more degraded of the economic outlook.

The ECB has lowered its growth forecasts for the euro area from 2% to 1.9% in 2018 and 1.8% to 1.7% for 2019.

It should also be noted that the inscriptions weekly unemployment US well below expectations (206k versus 226k expected) have supported the Dollar, accentuating the decline of the EUR/USD.

In this context, the Euro-Dollar has fallen, with a test under the support of 1.1350. If this break below 1.1350 has been confirmed, the media must be taken into account are located at 1.1300-06 (psychological threshold and low of Tuesday), before 1.1265-50, 1.1215 and 1.12.

Has the upside, the first resistance material is on the psychological threshold of 1.14, before 1.1420-25, 1.1450, 1.1475 and 1.15.

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