At least the Central Bankers are keeping it interesting. ECBs Draghi happened to do that yesterday. Prior to his press conference, the single unit was in danger of becoming ensnared in a monotonous trading range that was sure to dissuade any fresh investment. Draghi signaling that policy makers are concerned that the EUR's advance could "damp inflation and hamper an economic recovery" had a domino effect on the 17-member currency. Giving the illusion that the current euro-monetary policy is accommodating enough is a ploy that indicates that rates will remain on hold for the foreseeable future.
Structurally, going into the meeting the EUR market was overbought, "buy the rumor, and sell the fact" set in motion an onslaught of EUR repositioning. Draghi's press conference happened to trigger a plethora of downside stop-loss orders and stop-loss entry positions. Old EUR support levels will now be sold first time around.
For some, yesterday's EUR market moved too...
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