The Euro initially rebounded to a fresh daily high of 1.2209 on Thursday after Mario Draghi struck an upbeat tone on the Eurozone economy.
Draghi stated that growth remained solid and broad based, talking down concerns over recent softness in economic data. However, the Euro later plummeted after Draghi acknowledged that underlying inflation was subdued in the first quarter of 2018. Price actions suggest that Euro bears were unfazed by the relatively confident Eurozone outlook, with the EURUSD sinking towards 1.2126 as of writing. Taking a look at the technical picture, the currency pair is heavily bearish on the daily charts as there have been consistently lower lows and lower highs. A solid daily close below 1.2150 could encourage a decline towards 1.2090 and 1.2050. Bears remain in control below the 1.2200 resistance level.
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