The Euro takes off after comments by Mario Draghi

Traders and investors of the Forex market have been expecting some sign of the future monetary policies that the European Central Bank may put into place and today its president, Mario Draghi, has said that the Eurozone needs a moderate economic stimulus for now. Those words have been taken as a bullish sing for the Single Currency and we can see how on the daily chart the EUR/USD has broken above the 1.1300 level. The pair breaks out of the consolidation zone where it has been during the past few weeks and if tomorrow’s daily candles is also bullish, then the EUR/USD may try to reach the 1.1400 level. On the other hand, if the pair drops below the 1.1300 level, then it will be entering the congestion zone between the 1.1100 level and the 1.1300 level with the 1.1200 level as its midpoint. To the downside, the 1.1100 level and the 1.1000 level along with the 200 day exponential moving average on the 1.0920 level could act as support in case of a bearish retracement, but for now the bullish trend is still in place.