Euro rises as ECB holds rates steady

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The euro is up over 0.60% on the day following the ECB’s meeting.

The currency pair which has been in a sideways range could eventually breakout.

As widely expected, the inverse head and shoulders pattern has been validated following the right shoulder formation.

Price action broke out from the neckline resistance of 1.0871 level.

The minimum upside is toward the 1.0986 level. However, prices could see a pullback following the breakout.

The near term support of 1.0905 will likely be tested ahead of further gains.

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