EUR/USD Holds Above 200-Day MA Ahead of ECB Rate Call

EUR/USD is consolidating just below a two-week high at 1.1640, having reclaimed its 200-day moving average — a shift that flips the medium-term bias back toward buyers. The reclaim of this widely watched trend filter suggests momentum traders are rotating back into long positions after weeks of chop.

The key level to watch is 1.1604, which now acts as short-term structural support. A daily close below this zone would invalidate the current uptrend and expose the pair to a retest of lower demand areas, while holding above keeps the path open toward fresh highs.

With the ECB rate decision imminent, volatility around these levels is likely to spike, and traders should expect wider ranges as the market digests guidance and repositions around the 200-day MA pivot.