EUR/USD Forecast April 21, 2016, Technical Analysis

The EUR/USD pair initially tried to rally during the day on Wednesday, but turn right back around to form a rather negative candle. By doing so, the negative candle shows us that there is still quite a bit of volatility in this market. Keep in mind that the European Central Bank has an interest rate announcement and more importantly a statement today, so it’s likely that we will see a bit of volatility. At this point though, we recognize the 1.1250 level below has been supportive, and a bounce from there could very well likely happen.