EUR/USD staged an impressive rebound on Thursday that could shore up 1.0900 as the base of a range that holds this year, but nobody should get too excited about upside potential .
A range close to 1.0900-1.1200 is a high probability.
EUR/USD stopped 1 pip shy of the year's low and rallied to close over the 21-DMA now 1.1056.
That's fuelling bullish expectations.
EUR/USD also opened at 1.1010 before the European Central Bank met and closed at 1.1063 -- so it opened and closed near to the mid-point of the likely range, extremely neutral.
Resistance is defined by 55-, 100- and 200-DMAs at 1.1144, 1.1184 and 1.1260 respectively and the daily Ichimoku cloud 1.1148-1.1220.
The correction is in its infancy.
A minimum technical correction of the downtrend is 1.1266, a 38.2% drop from 1.1816 in September 2018.
Vols sank to trade within one vol of the record low.
Low vols boost the appeal of EUR/USD shorts and top-picking strategies .