EURUSD lost ground following the dovish ECB

Keeping the interest rates "at their present or lower levels" ECB dragged the euro to a two-month low against the dollar. Overall, the euro has fallen five days straight losing 2.2% against the dollar so far this month. ECB President Draghi is about to hold press conference giving details about the economic outlook and bank's strategies. Previously, bleak German Ifo business sentiment in July weighed on the common currency. The par fell between the band of previous descending channel aiming for new lows around 1.1050 level. RSI runs in an oversold area.