EUR/USD rides on strong rally at this moment, gained more than 32 points due to weakening greenback after The Fed remained on standstill regarding their interest rate hike plan.

Dear Traders,

EUR/USD rides on strong rally at this moment, gained more than 32 points due to weakening greenback after The Fed remained on standstill regarding their interest rate hike plan, implying that they are not in any immediate rush to raise it.

Bullish trend may last with corrective nature.

ECB has stated that rising Euro's exchange rate isn't part of their monetary policy, as it may hurt export activity while European Union economic growth is at stake. However, Cœuré stated that Euro would be on major spotlight only if there's sharp appreciation in exchange rate.

Mario Draghi also stated that they might need more time to evaluate the forthcoming impact of interest rate change after his March press conference. Further loosening policy might be in consideration to raise market stimulus.

 

Technical Analysis

Consider looking at this graphic to aid your trading decision this day, this graphic is in h4 resolution with Elliot Wave theory to read the upcoming pattern.

EUR/USD