EURUSD Attacks Resistance as Draghi Speaks

EURUSD is still attempting to break the diagonal trend line resistance below the $1.1100 handle as outgoing ECB Governor Mario Draghi speaks at a farewell event.

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EURUSD is up 0.15% on the day as Draghi holds his farewell event in Frankfurt. Draghi outlined that, at the end of his mandate, public trust in euro is at its highest ever.

“Today, we are in a situation where low interest rates are not delivering the same degree of stimulus as in the past, because the rate of return on investment in the economy has fallen”.

Moreover, a more active fiscal policy in the Eurozone would make it possible to adjust our policies more quickly, he added.

“Monetary policy can still achieve its objective, but it can do so faster and with fewer side effects if fiscal policies are aligned with it.”

Meanwhile, EURUSD is still attempting to break above the ascending trend line resistance. If they manage to do so, EUR bulls will target $1.1128 – the 100 DMA – next.

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EURUSD hourly chart

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