The EUR/USD fell as low as 1.0821 after the European Central Bank cut its benchmark Interest rate to 0.00%. However price rejected 1.0824 support (last week’s low) and then formed a bullish engulf price action on the 4 hours charts, with 21 and 55 EMA crossed to the upside and also SSRC signalling more bullish momentum is expected.
Initial bias stays on the upside this week and break of 1.1216 minor resistance will target 1.1375 high. A further break of 1.1375 will get 1.1713 resistance and above.
Meanwhile, break of 1.0821 will turn focus back to 1.0461/0517 key support zone.