The EUR/USD has rallied towards the 1.1390 zone after yesterday’s ECB. The EUR/USD has rallied for a ninth consecutive day.
The euro was the big mover on the day as the price rallied above 1.1300 reaching 1.1360. We are in the zone of deep retracement – 78.6 % and 88.6% fib of March Swing low. We should see bears selling the price or cashing out of long positions. The 1.1360-95 zone should provide relief and the price should go down. Targets are 1.1240 and eventually 1.1167 during next week. Today its also NFP which could provide a boost to USD on better than expected results.
Many green pips,
Nenad Kerkez aka Tarantula FX