Euro tumbles from familiar technical levels after ECB offers dovish tone.

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• Euro tumbles from familiar technical levels after ECB offers dovish tone.
• Europe sees thin economic data until GDP update next Tuesday.
• Broader markets to focus on Friday’s US PCE Price Index to wrap up the trading week.
• ECB Press Conference: Lagarde explains decision to keep rates steady, speaks on policy outlook

The Euro (EUR) fell on Thursday after the European Central Bank (ECB) struck a dovish tone during its latest monetary policy statement, which sent the Euro down against the majority of its major currency peers. Money markets added into bets of a 50 basis point rate cut from the ECB by June despite firm language from ECB President Christine Lagarde warning that the consensus within the ECB is that discussion of rate cuts is far too premature in the face of price risks from rising wages and a still robust job market.

Economic data from Europe is strictly low-tier for the rest of the week, and markets will focus on US Personal Consumption Expenditure (PCE) Price Index figures, a snapshot of inflation, to be released on Friday. European investors will have to wait until next Tuesday’s EU Gross Domestic Product (GDP) update for economic headlines from the Euro side.

Euro (EUR) fell against the US Dollar (USD) on Thursday, declining and dragging the EUR/USD back below the 1.0900 handle and seeing another technical rejection from the 200-hour Simple Moving Average (SMA) near 1.0885.

The pair has tumbled back into a familiar low end with bids snarled on the 200-day SMA near 1.0840. EUR/USD is caught in a widening congestion trap between the 50-day and 200-day SMAs as a technical consolidation pattern continues to hamper meaningful momentum in either direction.

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