EUR/USD failed ahead of key levels around 1.0620

The upside momentum around EUR/USD remains nothing but abated today, now hovering over the 1.0600 neighbourhood after challenging critical resistance levels near 1.0620.

EUR/USD in 3-day tops

The increasing buying interest in the pair advanced to the critical area of 1.0620/30, where sit the 20- and 55-day sma reinforced at the same time by the short-term resistance line, although it seems to have run out of steam soon afterwards.

EUR met extra buyers in response to the unexpected hawkish tone from President Draghi at his presser today following the decision by the ECB to leave unchanged its monetary status quo.

Adding to previous comments, President Draghi stressed the Council has not discussed any modification of the current ‘quantitative easing’ programme. Among the salient points today, the ECB has ruled out another TLTRO while it has revised higher its GDP and inflation forecasts.

EUR/USD levels to watch

At the moment the pair is gaining 0.57% at 1.0601 facing the next up barrier at 1.0615 (high Mar.9) ahead of 1.0630 (short-term resistance line) 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).