The euro currency was somewhat volatile heading into the ECB meeting on Thursday.
However, a brief intraday dip sent the common currency to rebound off the 1.1400 handle. Price action, although trading below Wednesday’s low, is poised to make further gains.
Above the 1.1400 handle, the next main target will be 1.1500. This would mean that the euro will have to rise slightly above the 9th March highs of 1.1495.
In the near term, the euro currency is not completely out of the woods. We could expect a retracement to occur.
This would likely push down the euro towards the 1.1347 level of support.