EUR/USD reacts to the ECB

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On June 9, the European Central Bank published its interest rates and Monetary Policy Statement. In general, as expected, the central bank kept its interest rate's unchanged. Meanwhile, the central bank revealed that it would hike its interest rates by 0.25% in July. Moreover, the ECB is set to end its Asset Purchase Program on July 1.

The EUR/USD reacted to the news with an increase of volatility by fluctuating in a 60 base point range from 1.0750 down to 1.0690. In the aftermath of the initial announcement, the ECB hosted a press conference, which increased the range of volatility.

From a technical analysis perspective, the events broke the resistance zone at 1.0747/1.0765. It indicates that the pair might move higher.

If the rate moves higher, resistance might be encountered in the weekly R1 simple pivot point at 1.0793, May 30 high at 1.0787, prior to reaching the 1.0800 mark. On the other hand, a decline of the Euro against the US Dollar might look for support in the 1.0625/1.0640 range.
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Thu, 09 Jun 2022 13:34:48 GMT

GBP/USD decline reaches 1.2500

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