EUR/USD: forecast for July 24-28

The market’s reaction to the European Central Bank’s press conference was rather surprising. Despite the fact that the ECB President Mario Draghi gave little information about the regulator’s next move, market players believed that the ECB might reduce its monetary stimulus program in autumn. According to Draghi, the ECB didn’t set any exact date for discussing the changes to this program, but policymakers would revisit the topic in the autumn. All in all, traders perceived that the ECB is not really concerned with low inflation and high euro. This creates bullish fundamentals for the single currency.  

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