Why The ECB Press Conference Plummeted EUR/USD

FX_IDC:EURUSD   Euro / U.S. Dollar
The European Central Bank had a conference where Mario Draghi, President of ECB, presented the ECB. One of his alarming statements were that the ECB has decided to cut their monthly asset purchases in half, from 60bn Euros to 30bn Euros, starting of January. With economic intuition, this enlightens Europe's inflation struggles it has had over the past few quarters. As well as Draghi's actions on APP, He has also insisted that quantitative easing is needed for ECB to reach their inflation rate target. Quantitative easing tends to looked as panic and a last resort for economies when trying to boost inflation rate; this can be shown from the massive decrease in value of the EUR/USD after this press conference where EUR/USD major support has been broken @ 1.70739. Lastly, U.S.A's GDP results are pending tomorrow and it is foretasted to be less that last month's 3.1% GDP, this month's forecast is at 2.5%.
Do you expect a rally back to previous support or a continuation of the short?
forexwithfred ForKrishanEx
@ForKrishanEx, Welll, depending on the result of USA's GDP rate today, I expect it to continue the short
EN English (UK)
EN English
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out