Alex Borzak
The ECB meeting resulted in the central bank leaving the key interest rate unchanged at 0.75% while downgrading its GDP forecast by 0.4%. The annual inflation forecast was increased up to 2,5%.
Mario Draghi announced another bond purchase program as a means of fighting against the eurozone debt crisis. In exchange for the bailout, risky eurozone economies will have to practice austerity and exercise strict control over their banking systems. The news encouraged European stock indexes, which keep growing in value.
Forex.
The chart below, courtesy of , reflects the current state of affairs in the market of EURUSD. The closest levels or resistance are 1,2691 and 1,2750. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 1,2501 (as shown below).
Alex Borzak
