EUR/USD hovering over 1.0670 on ECB minutes

After bottoming out in the 1.0630 region, EUR/USD has now regained momentum and is back around the 1.0670 area.

EUR/USD finds support near 1.0630

Spot quickly dropped to fresh lows in the 1.0630 region following dovish remarks from President M.Draghi earlier in the European session, stressing that a reassessment of the monetary conditions in the region is not warranted at this stage.

Furthermore, the ECB published its minutes of the March meeting, where it mentions that changes in forward guidance could tighten monetary conditions. The ECB noted that there was a broad agreement in maintaining the current forward guidance.

More from the ECB minutes cited that ‘very substantial accommodation’ is still needed, while policy normalization talks are warranted if recovery stays on track and inflation converges to the ECB’s 2% target.

EUR/USD levels to watch

At the moment the pair is up 0.08% at 1.0673 facing the next hurdle at 1.0705 (high Mar.31) seconded by 1.0728 (20-day sma) and then 1.0772 (high Mar.30). On the other hand, a breakdown of 1.0629 (low Apr.6) would target 1.0625 (100-day sma) and finally 1.0597 (low Mar.14).