Euro Likely to Continue Up after Fed and ECB Decisions
The EURUSD has safeguarded an important support level at 1.0660. Following this success, the pair rebounded to the 1.0960 level after both the Federal Reserve and the European Central Bank adjusted their monetary policies. The ECB announced a rate hike of 25 basis points, raising its key rate to 3.5%. I do not expect further rate hikes from the ECB. However, given that the US Federal Open Market Committee (FOMC) did not change its rate, I expect the US Dollar will tumble and the Euro will reach new highs. Once the price passes 1.0950, it is likely to go further up to 1.1120.
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