ECB kept its benchmark interest rate unchanged. ECB Press Conference on focus.

EURUSD dropped yesterday and closed at 1.3766. The factory orders in the United States rose more than expected in February to 1.6 percent month over month reaching its highest level in 5 months. The ADP report indicated that the private employers in the states added 191K jobs in March. In the Eurozone data showed that the Gross Domestic Product rose 0.2 percent in the fourth quarter of 2013 which is less than the previous estimate of 0.3 percent. The Managing Director of the International Monetary Fund Christine Lagarde suggested once again the ECB to ease its monetary policy in order to combat the low inflation in the region, but the data released today indicated that the European Central Bank decided to keep its Benchmark Interest Rate unchanged at 0.25 percent.

Investors are now looking forward for the ECB Press Conference, the Unemployment Claims due from the United States and the speech of the President of the European Central Bank Mario Draghi at the award ceremony of the Generation Euro Competition, in Frankfurt.

Support for the EURUSD is seen at 1.3708 and resistance is seen at 1.3813. The HotForex Traders Board shows that 56 percent of the traders are short on the EURUSD.

Disclaimer: Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of purchase or sale of any financial instrument.

ECB kept its benchmark interest rate unchanged. ECB Press Conference on focus.