The Euro’s reponse was fairly muted after the European Central Bank offered no surprises at today’s policy meeting.

Monetary policy was left unchanged as widely expected while the central bank reiterated its pledge to end QE by year-end. Investors who were expecting fireworks during Mario Draghi’s press conference were left empty-handed as nothing new was brought to the table. Although Draghi expressed optimism over the health of the European economy and inflation, this was interpreted as old news to markets.

A key takeaway from today’s meeting was when the ECB repeated that interest rates will be left on hold until “at least through the summer of 2019”.

For those who are wondering why the Euro has depreciated despite the unexciting ECB meeting, the answer can be found in the Dollar’s appreciation. Positive U.S durable goods orders and jobless claims have boosted sentiment towards the US economy consequently stimulating appetite for the Greenback. With the Euro failing to gain any support from Mario Draghi, an appreciating Dollar simply sent the EURUSD lower.

Focusing on the technical picture, the EURUSD remains in a range on the daily charts. The breakdown below 1.1700 could inspire a decline towards 1.1690 and 1.1630, respectively.