The European central bank held its monetary policy meeting on Wednesday. The central bank maintained a dovish policy view but refrained from making any major policy changes. The ECB is set to reinvest its QE debt for an extended period of time even after the first rate hike, which is due only next year. The common currency initially fell but managed to recover by the close.
Can the EURUSD Breakout Higher?
While the ECB meeting sent the euro lower on the day, price quickly retraced those losses. The EURUSD tested the lower support at 1.1245 as mentioned yesterday and is now trading near the resistance level of 1.1275. A breakout higher is required for the EURUSD to continue the gains to the upside. The next main target is seen at 1.1300, followed by a move to 1.1330.
