Last Monday Mario Draghi, President of the ECB, made a speech in LUISS (Libera Universita Internazionale Degli Studi Sociali). He said that he is determined to ease his stance concerning the dogma that austerity is the only cure for the current European crisis.
He gave o understand that he is not going to discredit Germany’s stance on the issue. However, the economy should be alive on top of being economical.
According to him, amid austerity and spending cuts, controversial decisions affect financial markets. At this point, we have reached a stage when further eurozone integration needs a growth pact on top of the famous fiscal pact.
Forex.
The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of EURUSD. The price is currently consolidating after going down. A further downswing is probable. If this is this is the case, he closest major level of support is 1.2995.
