After the rate cut in deposit by ECB euro is trying to gain demand, but for how long ?

As of now the whole world is focusing on crude oil , statement such as “let the market find its own equilibrium” inflamed the bloodbath. Where would oil prices go from here?  rumors are it will reach 20$ but there is a saying in the market “SELL THE RUMORS BUY THE FACTS” let us see where the market takes the turn.

On 4hr chart EUR/USD has formed a bull flag formation.

look for the fib rec of 38.20% (1.0840) which also support the fact that it is the correction of the impulse, this  should continue the buying in EUR/USD further.

A break above 1.0975 would take EUR/USD to 1.100 levels and above with resistance coming at 1.1470.

Down side is  following levels as of fib retc 38.20% ( 1.0808) followed by 50% retc 1.0750 and 61.8% retc  1.0695.

a break below 1.0695 would initiate sell once again.

though the market is anticipating the US rate hike it is yet to happen.

EUR/USD might consolidate in the rage of 1.0808 to 1.0970 for some time.