The ECB raised rates across the board by 25 basis points. As inflation remains high, we are in for more. The US data dump had something for everyone. Overall, EURUSD is trading on the upside, which is helping technical factors.

More specifically, today’s lows stopped against the 100-day moving average of 1.08049. A hold against this key moving average level gave buyers an opportunity to push higher. Lately, as the ECB press conference continued, the price extended above the 50% midpoint of the move down from the April high. The level comes in at 1.0865 and represents close support going forward. Staying up is bullish.

On the upside, a break above 1.0908 opens the door for another swing area between 1.0933 and 1.0942.

Buyers have more control. Watch for the 50% retracement for a near-term bias.

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