Investing.com – The euro pushed to a fresh 4-day high against the U.S. dollar on Thursday, breaking above the 1.21 mark after the European Central Bank kept its Minimum Bid Rate steady at a record low.
EUR/USD hit 1.2133 during European afternoon trade, its highest since last Friday; the pair subsequently consolidated at around 1.2115, gaining 1.11%.
The pair was likely to find resistance at 1.2354, the high of June 1, and support at 1.1876, Monday's low and a 4-year low.
Following the ECB move, the bank's president, Jean-Claude Trichet, said interest rates in the euro zone were “appropriate,” signaling that he saw no immediate need to cut borrowing costs any time soon.
Meanwhile, the euro was up against the pound, with EUR/GBP gaining 0.30% to hit 0.8269.
Earlier in the day, official data showed that while the United States posted a narrower-than-expected trade deficit in goods and services in April, the number of U.S. workers filing for unemployment benefits exceeded forecasts last week.
EUR/USD hit 1.2133 during European afternoon trade, its highest since last Friday; the pair subsequently consolidated at around 1.2115, gaining 1.11%.
The pair was likely to find resistance at 1.2354, the high of June 1, and support at 1.1876, Monday's low and a 4-year low.
Following the ECB move, the bank's president, Jean-Claude Trichet, said interest rates in the euro zone were “appropriate,” signaling that he saw no immediate need to cut borrowing costs any time soon.
Meanwhile, the euro was up against the pound, with EUR/GBP gaining 0.30% to hit 0.8269.
Earlier in the day, official data showed that while the United States posted a narrower-than-expected trade deficit in goods and services in April, the number of U.S. workers filing for unemployment benefits exceeded forecasts last week.