After ECB Meeting, EUR/USD Hits 7-Week High!


The euro managed to climb to a fresh 7-week high against the US dollar after investors focused on the European central bank's policy meeting yesterday.

As expected, the European Central Bank (ECB) kept interest rates unchanged at 4.50% and President Christine Lagarde stated that this meeting did not discuss interest rate cuts.

At the beginning of the results of the meeting, the Euro experienced a decrease first before successfully showing a surge again until the end of the New York session.

While the US dollar remains weak, it continues to decline with the assessment of dovish statements by Federal Reserve (Fed) Chairman Jerome Powell in his speech in Washington DC on Wednesday and Thursday yesterday.

Investors are looking forward to the United States (US) NFP employment data report which will be published in the New York session later tonight.

On the chart of the EUR/USD currency pair, the price has shown an initial decline reaching around 1.08700 during the initial decline of the Euro yesterday.

Then the price bounced back up again until it passed the important zone at 1.09000 and managed to record the latest height around 1.09500 continued at the opening of the Asian session this morning (Friday).

With the bullish pattern still displayed, the price has the potential to continue its further climb towards the next target at 1.10000.

But the price direction can also change in the final sessions with the risk of uncertainty when the NFP data is published.

The price that returns to decline is seen to test the 1.09000 zone again and it is possible that the price can top the level reached yesterday if the further decline in price continues.