EUR did trade lower to test key support at 1.1108 and then it rejected strongly upward. I found classic shake out on the EUR after the ECB today. My advice is still same like yesterday, upward opportunities are preferable. Key resistance and target is set at the price of 1.1206

Industry news:

-Jacqui Douglas, chief European macro strategist at TD Securities, notes that the ECB left its policy rates on hold, but entirely re-wrote its press release, clearly preparing for a package of policy easing in September..

Technical picture:

Important levels to watch:

1.1206 – Resistance yellow shape

1.1276 – Multi swing high Resistance

1.1100 – Support and round number

Based on 4H time-frame there is a bullish divergence on the Stochastic oscillator and on the Bollinger percent indicator, which is indication of the further rally. In my opinion sellers got trapped near the level 1.1100 and higher time-frame traders reacted on the price "too low" on the EUR. My advice is to watch for buying opportunities Key upward target and resistance is set at the price of 1.1206.