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EURUSD – bulls accelerate ahead of expected ECB rate hike

EURUSD accelerated higher on Thursday, gaining 0.6% in late Asian / European trading, lifted by expectations for 0.25% rate hike today and signals of possible another hike in September.

The ECB continues to face threats from high inflation, which eased significantly but is still 2.5 times above 2% target, while underlying inflation stands near record highs and may rise more.

On the other hand, sharp rise in borrowing cost, slowed economic growth and threatening of falling again into recession, which prompts policymakers to be very cautious in their near-future decision.

Technical picture on daily chart improved as fresh strength confirmed formation of Doji reversal pattern, signaling an end of 1.1275/1.1021 corrective phase.

North-heading RSI / stochastic and strong bullish momentum contribute to positive signals.

Bulls cracked pivotal barrier at 1.1148 (50% retracement / 10DMA) with break here to open way for extension towards 1.1178/1.1215 (Fibo 61.8% and 76.4% respectively) and possible stronger acceleration if ECB shows more hawkish stance.

Close above broken Fibo 38.2% (1.1118) is seen as minimum requirement to keep fresh bulls in play.

Res: 1.1178; 1.1215; 1.1229; 1.1275
Sup: 1.1118; 1.1081; 1.1062; 1.1021