EUR/USD is trading sharply higher following the ECB rate decision and press conference. We see the pair approaching the 1.1585 highs from where we may see a test of the 1.1600/20 area. This might be the next stop for euro bulls as the pair could be in its final stages of an ending diagonal. However, calling euro bears is not easy here, so you want to see a drop below 1.1480 before you can expect more downside.

EUR/USD, 1H