The euro has started to move higher against the greenback after United States PPI inflation data came in much worse than expected on Wednesday. The recent bullish momentum in the EURUSD pair remains valid while price trades above the 1.1600 support level. Traders now turn their attention to the European Central Bank policy meeting later today, where ECB President Mario Draghi is expected to downgrade eurozone growth prospects.

The EURUSD pair is bullish while trading above the 1.1600 level, key resistance is located at the 1.1681 and 1.1730 levels.

If the EURUSD pair moves below the 1.1600 level, key support is found at the 1.1568 and 1.1528 levels.

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