EUR/USD muted post-ECB, around 1.0560

The single currency kept the composure after the steady stance from the ECB today, with EUR/USD currently hovering over the upper end of the daily range near 1.0560.

EUR/USD now looks to Draghi

The pair posted little reaction after the ECB’s Governing Council decided to leave its monetary stance unchanged at today’s meeting.

In fact, the central bank left the interest rate on the main refinancing operations at 0.00%, the interest rate on the marginal lending facility at 0.25% and the deposit facility at -0.40%, matching the broad consensus.

Later in the session, EUR should remain under pressure in light of the press conference and updated inflation forecasts by President Mario Draghi.

EUR/USD levels to watch

At the moment the pair is gaining 0.13% at 1.0555 facing the next up barrier at 1.0582 (20-day sma) followed by 1.0608 (55-day sma) and finally 1.0643 (high Mar.6). On the other hand, a break below 1.0525 (low Mar.9) would target 1.0513 (low Mar.1) en route to 1.0499 (low Mar.3).