The EUR/USD rallies on ECB rate decision but remains under pressure
|The EUR/USD has rallied 13% from high to low to retest the long term bearish structure around the 1.20 level which confluences with the July 2012 lows.
This is a massive level of resistance and historic price action suggests a pullback before a possible breakout.
Today the ECB decided to maintain its interest rate and coronavirus-stimulus program unchanged.
The Euro rallied against the US Dollar but remain below the bearish value zone (1.20 + structure). The US Dollar remains very much under pressure which is pushing the Euro higher but with today's reference to more stimulus coming from the ECB we could see a weaker Euro in the coming days/week.
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