The euro gave back the gains on Thursday. The ECB held its monetary policy meeting under the guidance of newly appointed Christine Lagarde.

The ECB held interest rates steady and did not make any major changes to its forward guidance.

EUR/USD Retreats Off Resistance

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The euro hit the resistance price level of the 1.1131 region. Failure to post a convincing breakout above this level saw prices retreating. With resistance established at this level, we expect the common currency to decline in the near term.

The first support level at 1.1100 remains key. A breakdown below this level will signal further losses that could push the euro down to the 1.1072 level.

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