As expected, the European Central Bank (ECB) press conference caused the EUR/USD pair to fall sharply. I have been monitoring the movement of this pair during an ECB press conference since March and there is only one direction where it can head, that is a drop.
The Eurozone is still in trouble and there is little Mario Draghi can do. The lack of confidence in the ECB continues to plummet the value of the Euro.
The press conference can be found here.
I was out during the press conference and I closed my EUR/USD pair due to a misleading Bloomberg article so my profit was less than what it could have been. Traders should never trust news sites especially for high importance data, it is best to go to the source which is in this case, from the ECB.
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