During Draghi’s speech on asset purchase program, the European Single Currency depreciated by the 144 pips or 1.27%. The reason for such a sharp depreciation of the European Single Currency was the announcement that the purchase program would not be stopped. The ECB will continue buying government bonds.
In regards to the near-term future, most likely, the currency exchange rate will trade between the monthly S1 at 1.1240 and the 61.80% Fibo.
On the other hand, the US Dollar could depreciate against the European single currency during today’s US Employment data sets release at 13:30 GMT to fit into the medium pattern at the 1.1250 level.
