The ECB’s announcements of QE and a rate cut saw the euro falling on the announcement. However, the common currency rebounded later in the day, turning bullish.
The ECB’s monetary policy meeting is the penultimate meeting chaired by Mario Draghi. The decision saw President Trump quickly capitalizing on the move, in a bid to push the Fed to lower interest rates as well.
Will the EUR/USD Move Higher From Here On?
The common currency failed to break below the previously established lows near 1.0944 – 1.0925. The pair rebounded off this level and managed to close above 1.1030. A retest of this level will quickly establish support. Following this, we anticipate further upside. A test of 1.1140 now looks likely in the medium term.