The Euro moved within 50-pips range as ECB President Mario Draghi held the press conference, after the ECB decided to leave interest rates unchanged, as expected.

Draghi said that nothing has changed in inflation in substantial terms, but uncertainty about the path of inflation has decreased.

Draghi called for confidence and patience, saying that the ECB will be in the market for long time.

Underlying inflation remains low and could rise only gradually, with current headline inflation expected to remain around current levels in coming months.

Draghi said that risks to Eurozone growth outlook are broadly balanced, with expectations of faster than expected economy expansion due to stronger momentum in Euro area economy.

ECB chief also said that tapering, which was one of key points that markets have focused, was not discussed on today’s meeting.

The EURUSD pair dipped to session low at 1.1194 but recovered quickly on bounce to 1.1230 zone.

Overall tone of the press conference could be seen as slightly hawkish, as the ECB signaled no plans for further rate cuts and Eurozone economy showed signs of improvement.

On the other side, the inflation remains stubbornly low that marks the biggest obstacle for the ECB to start altering the policy.

Generally, Draghi did not say anything significantly different compared to his recent speeches that could be understood as a dovish tone.

Technical studies for EURUSD are still bullish, however, risk of pullback is rising on fresh probe below initial support at 1.1230 (10SMA) and retest of pivotal support at 1.1197, provided by daily Tenkan-sen.

Also, reversal of slow stochastic from overbought territory on daily chart could be seen as bearish signal which needs firm break below pivots at 1.1197/78 (daily Tenkan-sen / rising 20SMA) to be confirmed and open way for deeper pullback from last week’s fresh high at 1.1285.