ECB cut the interest rates to a new record low as a precaution to avoid deflation in the economy. Worried that very low inflation could snuff out Europe’s weak recovery and tip the economy into a downward spiral, the ECB cut its main interest rate to 0.15% from 0.25%. It also took a step into the unknown by cutting its deposit rate from zero into negative territory. That has the effect of charging banks for deposits they stash with the ECB, in theory providing an incentive to lend the money to firms and consumers instead. As a result, EURO fell after ECB set a negative deposit rate. However, EUR/USD now seems to be making the recovery and bullish divergence is appearing on H1 timeframe meaning the ECB Press Conference induced sell off has stabilized. It seems that EUR/USD has finally found support at 1.35031 level.