The ECB raised rates by 25 basis points across the board. There is more to come as inflation remains high. The US a data dump had a little bit of something for everyone. Overall the EURUSD is trading to the upside help by the technicals.
More specifically, the low prices today stalled against the 100 day moving average of 1.08049. Holding against that key moving average level gave the buyers a go-ahead to push higher. More recently as the ECB press conference continued, the price has 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. Stay above is more bullish.
On the top side getting above 1.0908 would open up the door for another swing area between 1.0933 and 1.0942.
Buyers are more control. Watch the 50% retracement for short-term bias close.
