EUR/USD Extends Losses as Dollar Strengthens

The Euro (EUR) declined against the U.S. Dollar (USD) on Friday, losing multiple support levels as the greenback rose across the board.

The European currency’s losses come after the European Central Bank (ECB) decided to maintain the current interest rates and committed to the current pace of asset purchases, with all most all of board members reportedly not considering tapering in the near future.

In addition, the ECB raises its expectations for inflation but the central bank’s president Christine Lagarge expected the rise in consumer prices to remain below the ECB’s 2% target, while in the U.S. last month’s reading of the CPI exceeded expectations and rose by 5%.

The EUR/USD pair is trading lower for the day by about 0.62% at 1.2094, approaching new daily lows.

The pair has been moving today in a range between 1.2093 and 1.2193, after closing Thursday lower at 1.2170, giving up support levels at 1.2148, 1.2120, and 1.2097.