The Common currency rallies as the greenback softens and the ECB maintains its stance to end bond purchases by the end of the year. During the ECB statement, Draghi reaffirmed the market that the ECB intends to end the Quantitative Easing program by the end of the year given that the European market is performing in line with expectations and risks are not strong enough yet to curb growth in the EU and force the ECB to shift their monetary policy outlook. The Euro's rally was also supported by a drop in the U.S Dollar as U.S inflation data printed lower than expected with the Core CPI printing at 2.2% relative to the expected 2.4%. For today, the focus will be on economic data from the U.S with the Retail Sales and Michigan Consumer Sentiment figure in focus.
Following the break of the 1.16633 level, the pair rallied and is currently approaching the 1.17336 resistance level. Keep in mind that given the positive sentiment surrounding the Euro and the negative sentiment surrounding the greenback, there is a chance the pair might continue to rally towards the upper range of the resistance level at 1.17500.
Support: 1.16872 1.1633
Resistance: 1.17336 1.17500