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    EUR/USD clings to gains on Draghi, around 1.1400 Pablo Piovano

    The shared currency remained apathetic following Draghi’s speech today, with EUR/USD clinging to gains in the 1.1400 neighbourhood. EUR/USD muted on ‘repetitive’ Draghi Spot keeps a tight range around the 1.1400 barrier so far today, barely reacting to President Draghi’s appreciations at his speech in Brussels. In fact, nothing new has turned up from Draghi, who reiterated the need for more structural reforms in the bloc, while he stressed that the ECB will not allow inflation to undershoot the target for longer than avoidable.Absent releases in Euroland today and with only Initial Claims due across the pond, the pair is expected to remain within range and with USD-dynamics and crude oil prices as main drivers for the price action. EUR/USD levels to watch The pair is now up 0.03% at 1.1398 and a break above 1.1416 (high Jun.8) would expose 1.1448 (high May 11) and finally 1.1466 (high Apr.12). On the flip side, the immediate support lines up at 1.1318 (55-day sma) followed by 1.1248 (20-day sma) and then 1.1211 (100-day sma). 

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