The European Central Bank (ECB), headed by Mario Draghi, voted to maintain its current, loose, monetary policy. This was a widely expect result, so the market was focused on the subsequent press conference. In this presser, "Draghi's replies to questions stressed the barriers the ECB still faces before beginning to tighten the ultra-loose financing conditions it has maintained for nine years." (Reuters.com). Overall the ECB announcement and presser revealed nothing new. The market might interpret this as dovish because it was starting to look for clue that the ECB is looking to tighten up monetary policy this year. Basically, today's ECB event said, "hold your horses". While it might not indicate a bearish outlook for the euro in the long-term, it is taking away from the euro's recent bullish momentum. The EUR/USD for example is retreating after surging to start the week.EUR/USD 1H Chart (click to enlarge)ECB Reaction:- There wasn't really much of a reaction in EUR/USD. The market was already retreating from 1.0950 ahead of the ECB event.- It looks like the ECB reaction is folded into the general short-term bearish correction against the bullish swing that began April 10. Key Levels:- Now, if the market is bullish, we should anticipate support around 1.0775. Maybe if there is some short-term bearish momentum, we see it fall towards 1.0730.- A break below 1.07 however might open up a bearish outlook. Closing below 1.0690 might be a clearer signal to the downside. - Otherwise, there should be upside towards the 1.10 handle.