EUR/USD breaks above 1.0650 amid ECB rate hike talk

Matías Salord FXStreet

The euro gained momentum across the board after Blomberg reported that the Governing Council of the European Central Bank discussed if interest rates can rise before the massive purchase program ends. EUR/USD broke above 1.0650 and climbed to 1.0670, hitting the highest level in three weeks.

The pair remains near daily highs, with the euro holding a strong bullish tone as it consolidates above an important short-term resistance area located around 1.0630, that area capped the upside during the previous two weeks.

From the levels it closed yesterday, the pair has risen more than 80 pips, headed toward the highest close since February 16. Today’s rally took place despite the number of the US jobs report.

According to the Labor Department, the economy added 235K jobs in February, above the 190K of market consensus. On the negative side, earnings rose below estimations. Market expectations were biased toward a positive surprise after Wednesday’s ADP report.

EUR/USD levels

To the upside, resistance levels could be located at 1.0680 (Feb 16 high), 1.0720 ( Jan 17 high) and 1.0775 (Jan 24 high). On the opposite direction, now the 1.0650 area is the immediate support followed by 1.0630 and 1.0600 (20-hour moving average).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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