The price of EURUSD went up above the mid-1.0200s after the European Central Bank (ECB) announced its decision on monetary policy.

The ECB raised its policy rates for the first time since 2011 as expected and promised. The shared currency and the EURUSD pair went up after the decision to raise rates by 50 bps instead of the expected 25 bps.

With Mario Draghi’s resignation today, a rate hike makes it more likely that Italy will have a sovereign debt crisis. This could keep traders from making big bets that the EURUSD pair will go up because the Nord Stream 1 pipeline is back up and running.

Investors may also want to know more about the ECB’s new anti-fragmentation mechanism, which protects heavily indebted countries from rising borrowing costs. The euro crosses could become more volatile after ECB President Christine Lagarde gives a press briefing after a meeting.

US Initial Jobless Claims went up to 251 for the week ending July 15. It was worse than expected. The Philadelphia Fed Manufacturing Survey for July dropped from -3.3 to -12.3.

Conclusion

Multiple tops around 1.0275-80 could act as an extra short-term hurdle for the pair before it can rise to 1.0355-65.

Even if the price goes above 1.0365, the 100-SMA and the declining resistance line from June 9 near 1.0385 are the last lines of defence for EURUSD bears before they give up control to bulls.