EUR/USD Price Analysis: Euro rises to 11-day highs after ECB

 

 

EUR/USD is trading in a bear trend below the main SMAs on the daily chart, however, the spot is bouncing sharply while challenging the 1.0950 level and the 50 SMA on the daily chart. The break higher happened after the ECB press conference. 

 

 

EUR/USD broke above the 1.0884/1.0900 resistance zone and is challenging the 1.0972 resistance while trading above the main SMAs on the four-hour chart. The move higher was surprisingly strong and opens the doors to more gains towards the 1.1040 level. Support is expected to emerge near 1.0884/1.0900 and 1.0845 levels.