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EURUSD : Rises After ECB Decision, Testing 100 Day SMA Resistance

EUR was rising in the past few sessions as investors were waiting for the European Central Bank’s meeting for the monetary policy decision. Today governing council of ECB decided to keep the interest rates on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility to keep unchanged at .25%, .75%and 0% respectively.

 EUR strengthened against UD Dollar after the ECB decision. Weak euro zone inflation data was creating pressure over ECB and investors were earlier thinking that it will cut the rates. However recent comments from ECB official faded concerns over weak inflation saying that it was due to temporary factors. 

On the hourly chart of EURUSD, it seems like 100 day SMA was acting as resistance for the pair and the pair might break it now. On the stochastic oscillator the signal trend line is below the average trend line thus confirming the uptrend for the pair. If it rises the next resistance it will find is at 1.3795.