EUR/USD targets 1.2200 on upbeat Draghi

• The pair approaches the 1.2200 are as Draghi’s presser is under way.
• USD loses some ground, albeit still above 91.00.
• ECB kept rates on hold today, as broadly expected.

The shared currency keeps trading on a positive mood on Thursday and is now lifting EUR/USD to the area of session tops in the boundaries of 1.2200 the figure.

EUR/USD bounces off lows near 1.2140

The pair is now accelerating the upside following an upbeat tone from President Mario Draghi at his press conference.

Draghi once again highlighted the robust momentum of the economy in the region, talking down recent softer-than-expected results from the docket, noting that data point to moderation with solid expansion.,

In addition, Draghi highlighted the risks from protectionism, reiterating once again the need for other policy areas to contribute on a more decisively way and noting the Council did not discuss monetary policy per se, adding that countries and sectors are all experiencing some loss of momentum.

Draghi said there is no specific strategy following the drop in bonds purchases, attributing it to seasonality.

EUR/USD levels to watch

At the moment, the pair is gaining 0.24% at 1.2190 and a break above 1.2217 (100-day sma) would target 1.2298 (21-day sma) en route to 1.2414 (high Apr.17). On the downside, immediate contention emerges at 1.2160 (low Apr.25) seconded by 1.2153 (low Mar.1) and finally 1.2008 (200-day sma).