EUR/USD Price Forecast: Holds gains to near 1.1200, while staying below key technical resistance
The EUR/USD pair trades in positive territory around 1.1190 during the early European trading hours on Friday. A hawkish pause from the European Central Bank (ECB) provides some support to the Euro (EUR) against the US Dollar (USD).
The EUR/USD currency pair maintained its gains, trading near 1.1200 on Friday, while staying below a critical technical resistance level. The euro benefitted from a cautious stance from the European Central Bank (ECB), which held its deposit rate at 2.50%, despite rising energy prices posing potential upside risks to inflation and growth.
Analysts predict a 67% chance of a rate hike in December, with many forecasting a 25 basis point increase at that time. The ECB's decision to maintain its policy emphasizes the importance of incoming data, such as Eurozone GDP and inflation figures, in determining future monetary policy directions.
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