4 Reasons Why EURO Tanked on ECB

Euro traded sharply lower against the U.S. dollar after the European Central Bank’s monetary policy announcement. On a technical basis, EUR/USD rejected the 100-day SMA, an important inflection point for the currency. By failing to break above this key measure for the past four days, the risk is for a deeper slide to 1.19. On a fundamental basis, no changes were expected from the ECB and none were made but it is clear the central bank disappointed. In light of the ongoing U.S. recovery and the Bank of Canada’s tapering, investors were hoping for more. Instead, ECB President Christine Lagarde emphasized concerns … (full story)

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