EUR/USD: Bulls consolidate ECB-led massive rally around 1.1630

The EUR/USD pair continues to trade around the flat-line, as we progress towards the European opening bells, with investors still absorbing ECB President Draghi’s optimistic comments on the future course of ECB’s monetary policy program.

EUR/USD: 2017 tops still on sight

The spot tries hard to regain the bids amid stalled recovery in the US dollar across the board, as the European traders hit their desks and react negatively to the overnight US political headlines.

Bloomberg reported late-Thursday that Special Counsel Robert Mueller is expanding the probe to look into a broad range of transactions involving Trump’s businesses as well as those of his associates.

More so, a phase of bullish consolidation has set in around EUR/USD, as the EUR bulls take a breather after yesterday’s massive rally triggered by ECB Draghi’s comments, where he shrugged-off the recent weakness in inflation as being temporary, while he hinted that QE tapering process could commence this autumn.

Later today, in absence of fresh economic releases from both continents, the major will track the USD price-action and sentiment on the global equities.

EUR/USD Technical Set-up  

According to Karen Jones, Analyst at Commerzbank, “EUR/USD is positive – its charted an outside day to the topside: No change, the market remains bid and although we are cautious due to the second 13 count, further gains look likely. Nearby support is provided by the short term uptrend at 1.1373 and the accelerated uptrend at 1.1465 while above here, there is scope for 1.1713/36 the August 2015 high and long term Fibo, here we would look for signs of profit taking. The 200 week ma lies at 1.1806.”