š¶ EUR/USD UPDATE
š EUR/USD remains supported and edges higher toward the 1.1750 level after posting strong gains on Thursday.
š The European Central Bank (ECB) kept its policy settings unchanged, though policymakers are reportedly considering a rate hike in June if oil prices remain elevated amid the continued closure of the Strait of Hormuz.
š At the same time, weaker-than-expected US GDP data continues to pressure the US Dollar lower during todayās session, providing additional support for EUR/USD.
š Technical Outlook
š The bullish trend structure is strengthening as EMA 34 crosses above EMA 89 and EMA 200, turning higher.
š Meanwhile, EUR/USD is consolidating around the 1.1722 level and is expected to maintain its upward momentum toward the 1.1780 resistance zone today.
š¹ Nearest Resistance: 1.1780
š¹ Nearest Support: 1.1722
š„ Bias Today: BULLISH