EUR/USD retraces post-ECB gains

EUR/USD took a sudden U-turn after climbing to 2-week highs, propelled by the European Central Bank decision to leave policy unchanged.

EUR/USD rose to a peak of 1.1325 as Draghi said that no additional stimulus was needed at this time, although it left the door open to further easing in the future. However, the euro quickly los steam and turned lower, erasing almost completely intraday gains..

Having fallen to 1.1240, EUR/USD was last trading at the 1.1250 area, still a few pips above its opening price.

EUR/USD levels to watch

In terms of technical levels, immediate resistances could be found at 1.1326 (Sep 8 high), 1.1340 (Aug 26 high) and 1.1365 (Aug 18 high). On the other hand, next supports are seen at 1.1228 (Sep 7 low), 1.1209 (100-day SMA) and 1.1135 (200-day SMA).