The euro did not surprise traders and rallied after the European Central Bank decided to keep interest rates and stimulus efforts unchanged. However, the 1.2170-mark proved to be challenging – as expected – and the euro bounced off that short-term resistance level.
As we wrote in yesterday’s post, chances are still in favor of the bulls but be careful – gains could be limited.
While maintaining the ECB’s stimulus after the December boost is good news, ECB President Christine Lagarde warned that the euro-area economy is headed for a double-dip recession.
The resilient euro doesn’t seem to confirm these warnings.
Have a beautiful and healthy weekend everyone!
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Long @ 1.2180
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