The Euro rose in early New York yesterday as it reacted to the results of the latest European Central Bank monetary policy meeting.
The European Central Bank (ECB) met expectations by cutting interest rates by 25 basis points from 2.40% to 2.15%.
This was the 8th interest rate cut by the central bank in 1 year.
However, the Euro surged after the meeting as the ECB signaled an end to its monetary easing cycle.
Meanwhile, the US dollar remained weak at the end of the week as investors await the US NFP jobs report in the New York session tonight.
Examining the movement of the EUR/USD currency pair chart, the price, which leveled off at 1.14000 in the Asian session yesterday, later surged strongly following the ECB meeting reaction.
The price surge surpassed the high of 1.14500 at the beginning of the week and almost touched the target level of 1.15000.
However, the price retreated to close the New York session at 1.14400 before the slow price movement around that continued into the opening of the Asian session this morning (Friday).
The price movement above the Moving Average 50 (MA50) support line signals a continuation of the bullish trend.
If the increase continues successfully after this, the resistance at 1.15000 will be attempted to be overcome before the price records a new high.
The target shifts to 1.16000 as the next focus level.
However, if the price retreats back down to penetrate the 1.14000 level, investors are ready for a signal for a trend change.
Further price declines are likely to return to around the 1.13000 zone that has been the focus in previous weeks.
