The mood on the pair has changed from bearish to bullish since the dovish stance of the European Central Bank was made public. The ECB decided to keep rates unchanged and in the process of halting its Quantitative Easing program (QE) while her counterparts the Bank of England (BOE) has commenced rate hike. Though the Common currency lost further ground at the meeting but it has commenced a major rebound pushing the pair back to the upside.
The rebound from the 0.8260 support zone is still intact with massive rejections from the zone expected to further fuel the bulls. The presence of pin bars around the support with subsequent confirmations means the bulls power might still remain potent. A break outside of the resistance zone around 0.8295 shows the continuation of the bullish momentum with a target around the 0.8328 resistance zone and stop loss below the pin bars on the hourly chart around the 0.8261 support area.
No major economic data with bearing on the pair.
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