The ECB decision is awaited. The price is in a narrow range for the day (44 pips). That range will be extended. The bias remains more bullish. The price is above the 100 hour MA at the 1.25805 level currently. Trend line support is at 1.2585. Stay above this area, and look for the extension higher.
On the topside, the next target to break above is topside trend line at 1.2666. Stay above that level and the upside should be further explored.
Much depends on the comments and the markets reaction to them. Some details have been “leaked” so one would expect it is “priced in” but for every “sell the fact”, there are times when the trend continues. I give the benefit to the trend until the price shows that buyers are losing control. A move below the 100 hour MA/trend line area, will be the first clue for an ebbing of that control.
