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Will the markets sell any EUR/USD rally today or has it based out again?

Prior to the fall seen yesterday to 1.0729, the EUR/USD had previously based out at 1.0725 on April 2. The rebound that followed saw it peak at 1.0885 this Tuesday. The low seen earlier this morning was set at 1.0727, as covered in an update shortly after the move. Well, it has rebounded from that low now, but not yet in any material way. So, the overall 2024 low remains intact at 1.0695 for the time being. The ECB surely has the deciding vote in determining whether or not that remains the case and also whether or not the EUR/USD has based out once again ahead of the 1.07 handle. It will be interesting to see how the market reacts to any unchanged outcome from the ECB, if seen later on. Will they lean into any further rally no matter what the ECB says, or does? There is a risk that could be the case. Of course much could depend on what commentary accompanies any unchanged decision. So, for the time being the EUR/USD has edged off that earlier low and seems to be lifting on short Euro profit-taking ahead of the ECB this afternoon. The EUR/USD is currently trading at 1.0742

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