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EUR/USD bounces off lows on Lagarde, regains 1.1200

  • EUR/USD moves back above the 1.1200 mark.
  • ECB left rates unchanged at its meeting on Thursday.
  • ECB’s Lagarde said COVID-19 will impact on the economy.

After briefly testing sub-1.1200 levels, EUR/USD has managed to regain some poise and retake the 1.1220 region at the time of writing.

EUR/USD remains depressed post-ECB

EUR/USD keeps the downbeat sentiment well and sound so far on Thursday despite the ECB refrained from acting on rates at its meeting, leaving the policy rate unchanged at 0.00%.

At her press conference, President C.Lagarde highlighted the significant impact expected from the coronavirus on the economy in the region.

The central bank revised lower its forecasts for GDP and now sees the economy expanding 0.8% this year (from 1.1%) and 1.3% in 2021 (from 1.4%).

Further out, Lagarde noted the decision on the package of measures was unanimous, adding that the (previously announced) strategy review has been postponed by six months.

EUR/USD levels to watch

At the moment, the pair is losing 0.41% at 1.1223 and faces the next support at 1.1197 (weekly low Mar.12) followed by 1.1186 (61.8% Fibo of the 2017-2018 rally) and finally 1.1101 (200-day SMA). On the flip side, a break above 1.1495 (2020 high Mar.9) would target 1.1514 (high Jan.31 2019) en route to 1.1569 (2019 high Jan.10).

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