The EURUSD was pushed higher by the ECB president, Draghi’s optimistic view on inflation, but it gave back all of the gain later.
The EURUSD had an opportunity today to retest 1.18. The bullish momentum was triggered by the ECB president, Draghi’s comment on inflation. He expects the inflation to rise, which sent the euro higher against the U.S. dollar. It managed to break the recent high of 1.18 and reach 1.1815; however, it reversed the course of action immediately. In the end, it fell below 1.18 and settled near 1.1750 for the day.
The euro’s uptrend on the hourly chart is still in tact. This move has been driven by the ECB President, Mario Draghi’s upbeat view on the euro zone economy. He expects to see the euro zone inflation picking up gradually and the growth rates have been exceeding expectations.
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