EUR/USD on H4 chart right after the ECB's interest rate decision:
The European Central Bank announced a 0.75% interest rate rise and added it "expects to raise interest rates further because inflation remains far too high and is likely to stay above target for an extended period."
In August, inflation in the eurozone hit 9.1%.
The European regulator revised its inflation expectations up to 8.1% in 2022, 5.5% in 2023, and 2.3% in 2024.
The ECB forecasts the EU economy to be gripped by stagnation in the 4th quarter of 2022 and in the 1st quarter of 2023 due to a sharp increase in energy prices.
