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Chart Forum: EURUSD Breakout

CMC Markets

EURUSD rallying today after ECB statement and news conference. Calls off right shoulder of H&S top. EUR getting a boost today from unwinding of speculation that ECB could bring in unconventional measures as early as today's meeting. While ECB President Draghi indicated the central bank still has weapons at its disposal if needed, revising 2014 GDP forecast upward slightly suggests may not be needed right away. Also, he indicated that any new large scale lending programs like the LTRO would need to show that the money would be used to help the economy not just subsidize the banking sector. This suggests US style QE program unlikely in future. You can access Chart Forum comments through the link below or through the Market Pulse drop down menu.

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